Binance Smart Chain - Cryptiony - crypto tax automation solution

How to File Your Binance Smart Chain Taxes With Cryptiony

Binance is a popular layer 1 Ethereum alternative with lower fees, countless dApps (including many P2E and Defi projects), and billions in liquidity. The network’s low gas fees make it a favourite for investors and new projects.

In this guide, you will learn how to calculate your Binance crypto taxes in minutes, and without getting a headache! So with that said, let’s begin.

What is Binance Smart Chain?

Binance Smart Chain is an EVM-compatible blockchain built by Binance as a way for users to enjoy crypto without paying the high fees associated with Ethereum.

In recent years, BSC has grown into one of the leading blockchains with a TVL of $4.8 billion, only behind Ethereum and Tron.

Its EVM compatibility and low fees mean it’s easy to launch an Ethereum dApp on BSC or vice-versa, which caused BSC to become one of the most well-developed ecosystems in crypto.

How do I calculate taxes on Binance Smart Chain transactions?

As Binance’s low fees mean users make many transactions on the network, calculating your Binance taxes manually would take too long and could easily lead to mistakes.

Besides the Cryptiony automated tax calculator, you could do your taxes yourself or use an accountant. However, the UK has many complicated tax laws, meaning calculating your taxes manually could be slow, expensive and inaccurate; because even most accountants are unaware of crypto tax regulations.

On the other hand, we specialise in UK crypto tax and stay current with new regulations. With Cryptiony, you can rest assured that your crypto taxes are correctly calculated. And better yet, using our app costs far less than using an account!

So if you want to start saving time and money on your crypto taxes, you can begin by importing your transactions to Cryptiony.

How to Import Binance Smart Chain transactions to Cryptiony

Importing your Ethereum wallet to Cryptiony is quick and easy. Just follow the steps below.

But before you start, you need your wallet address. You can find it on your wallet home screen or by clicking receive (your wallet address is the long number beginning with 0x).

Step 1

Step 2

From the Cryptiony dashboard, click transactions, then connect the wallet. .

Step 3

Select Binance Smart Chain, then name the wallet and input your wallet address.

Step 4

Select connect wallet.

Important things to know about importing Binance Smart Chain transactions

To ensure we attribute all your transactions to the correct taxes, sync all your wallets and exchanges.

Although our software is accurate, it’s always best to double-check that all your transactions have been imported correctly. You can do this by clicking taxes on the left navigation bar, scrolling to the bottom of the summary and selecting the transaction list. Then you can ensure all your transactions are included and attributed correctly.

If your transactions have not been imported correctly, please visit our help centre.

FAQs

Are Binance Smart Chain taxes reported to HMRC?

While Binance Smart Chain transactions are not reported to HMRC, BSC is a public blockchain, so HMRC can look up your wallet address and view all your transactions. Our UK crypto tax guide teaches you more about HMRC and crypto tax.

Is transferring crypto to Binance Smart Chain taxable in the UK?

HMRC does not class personal wallet-to-wallet balance transfers as a disposal. Therefore, sending crypto from an exchange to your wallet is not taxable in the UK.

How are Binance Smart Chain transactions taxed in the UK?

Most Binance Smart Chain transactions are taxed under Capital Gains Tax in the UK, but some profits are subject to Income Tax. For example, if you profited from staking or P2E gaming, HMRC attributes this to Income Tax. The easiest way to determine whether you owe Capital Gains Tax or Income Tax is by using the Cryptiony automated tax software.