Binance answered whether the tax office will know about our income on the crypto exchange

  • A stream with representatives of Binance Ukraine was released on the Incrypted channel
  • The guests answered important questions that are of interest to the clients of the exchange
  • Including about the company’s cooperation with the tax authorities

Yesterday, the top managers of Binance Ukraine talked to the viewers of the Incrypted channel. Ivan Paskar and Kirill Khomyakov participated in this stream.

One of the main issues that interests crypto exchange clients is the fear of falling under the attention of the tax authorities. Therefore, we asked if Binance is sharing exchange earnings data with the authorities.

Comment from Binance Ukraine General Manager Kirill Khomyakov:

“No, it doesn’t. Now the state does not impose such obligations on cryptocurrency operators.

But, of course, a situation may arise when the authorities (intelligence, police, tax authorities) will suspect a particular person of tax evasion. If a criminal case is opened, they can formally request information. Accordingly, we, as a regulated market player, are obliged to provide such data.

But, fortunately, now there is no question of systematically providing information on the transactions of all users.

Marketing manager Ivan Paskar added that some countries have requirements for reporting transactions. They are clearly spelled out at the legislative level and apply to all market participants (that is, to all crypto exchanges and payment services). There is no such law in Ukraine. Therefore, customers should not be afraid of such a scenario.

Recall that Binance Charity donated $500,000 to help Ukrainians affected by the hostilities.

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