How to do your Binance Smart Chain (BINANCE-SMART-CHAIN) taxes in 2025
Key takeaways
- Tax agencies can track your Binance Smart Chain transactions, so it’s essential to file your crypto taxes properly. You owe tax any time you sell, swap or dispose of your BINANCE-SMART-CHAIN for a profit.
- Transaction data from the Binance Smart Chain can be downloaded using a block explorer, but analysing this data yourself can be difficult, time consuming and prone to errors.
- Alternatively, you can use Crypto Tax Calculator, which automatically syncs with the Binance Smart Chain blockchain and other platforms like exchanges to provide you with a comprehensive tax report.
If you’ve been using Binance Smart Chain, it’s important to understand how to report your crypto taxes. Like most blockchains, Binance Smart Chain does not automatically report, calculate, or issue tax forms for you. It’s up to users to report their gains, losses, and income based on their activity. This must include all blockchains and exchanges you’ve transacted on, not just Binance Smart Chain.
The good news is that Crypto Tax Calculator makes calculating your Binance Smart Chain and crypto taxes quick and easy by automatically importing your data and generating comprehensive tax reports.
Quick steps
- Create an account on Crypto Tax Calculator or log in if you already have one.
- Select Binance Smart Chain in the Accounts list.
- Import your Binance Smart Chain transactions using API or CSV.
- Let our software calculate your gains, losses, and income.
- Download your tax report and file it with your taxes.
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Disclaimer: The information in this guide is general in nature and not written for a specific tax jurisdiction or audience.
Do I need to pay taxes on Binance Smart Chain (BINANCE-SMART-CHAIN)?
If you have been transacting on Binance Smart Chain during the tax year, or sold any BINANCE-SMART-CHAIN, then it’s likely you will need to pay tax based on your trading activity.
Typically, anytime you sell crypto for fiat, trade crypto-to-crypto, or earn crypto income (e.g., through staking or rewards on Binance Smart Chain), it is considered a taxable event in most countries.
The exact tax you owe (capital gains or income tax) will depend on your local regulations and the specifics of each transaction. Check our list of local crypto tax guides for details on how cryptocurrency is taxed in your jurisdiction.
Do I have to pay tax if I only bought BINANCE-SMART-CHAIN but didn’t sell?
In most parts of the world, you do not pay any tax when you purchase crypto.
It is only when you later dispose of that crypto – i.e., sell it or trade it for another asset – that a taxable event occurs and you need to report it on your tax.
What Binance Smart Chain transactions are taxable?
The following are common transactions on blockchains like Binance Smart Chain which are relevant to tax:
| Event | Tax implication |
|---|---|
| Selling BINANCE-SMART-CHAIN | Capital gains tax |
| Crypto-to-crypto swaps | Capital gains tax |
| Rewards from staking, interest or yield | Income tax |
| Selling NFTs | Capital gains tax |
| Providing liquidity to DeFi pools | May involve multiple taxable steps |
Most countries typically tax proceeds earned from selling investments differently from money earned as income. In crypto, you may be subject to both capital gains and income tax, depending on the nature of your transaction:
Capital Gains tax events from Binance Smart Chain
Whenever you sell BINANCE-SMART-CHAIN or make a crypto-to-crypto swap using the Binance Smart Chain blockchain, you are disposing of an asset.
If the value of the crypto at the time of sale/trade is higher than when you acquired it, you have a taxable capital gain.
If it’s lower, you have a capital loss (which can often be used to offset other gains).
Crypto Tax Calculator will automatically calculate these gains and losses for each trade using your imported transaction data. It will also account for fees according to your local tax rules.
Income tax from Binance Smart Chain
If you received crypto as a reward on Binance Smart Chain for activities such as staking, lending, or yield farming – those assets are usually considered income.
The value of the crypto at the time and date you received needs to be reported as income. It also forms the cost basis if you later sell the asset.
Crypto Tax Calculator will automatically categorise income tax events and treat them according to your local tax rules.
Remember that the exact rules for how transactions on Binance Smart Chain are taxed will depend on your tax jurisdiction. To learn more, check out our list of local tax guides.
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How to calculate Binance Smart Chain (BINANCE-SMART-CHAIN) taxes with Crypto Tax Calculator
1. Import your data
First, you will need to import your Binance Smart Chain transaction data to Crypto Tax Calculator. Here’s how:
Sync via API
This method uses a secure API feed to transfer your transaction data from the Binance Smart Chain to Crypto Tax Calculator. Using an API ensures that your data will be updated over time, so that any change in your Binance Smart Chain balance is reflected in Crypto Tax Calculator.
- Sign in to Crypto Tax Calculator or create an account. Navigate to the Accounts tab and click + Add accounts.
- Select Binance Smart Chain from the list of integrations. Click on Sync via API.
- Enter your Binance Smart Chain public address. Add an optional nickname, and click Add Wallet.
- Crypto Tax Calculator automatically imports your transaction history from the Binance Smart Chain blockchain. This may take a few seconds to a few minutes depending on the number of transactions. You’ll see a confirmation when all data is imported.
2. Generate your tax report
Once your Binance Smart Chain data is imported to Crypto Tax Calculator, you can calculate your taxes with a few clicks.
Add any other exchange accounts, wallets or transaction data to Crypto Tax Calculator. You will need to upload your entire crypto transaction history for an accurate report. This includes all wallets, blockchains and exchange accounts.
While Crypto Tax Calculator does the hard work for you, it may flag some missing data or errors, which you will need to review to ensure accuracy.
Generate a comprehensive tax report ready for your accountant or local tax authority.
Need help? Click the chat icon in the bottom right corner to start a live chat with our expert customer service team. Otherwise, try our our Getting Started Guide for an overview of how the platform works.
How to file your Binance Smart Chain (BINANCE-SMART-CHAIN) tax report
Here’s what to do with your exciting and new crypto tax report:
- Review your tax report.
After importing, you can generate a tax report for Binance Smart Chain and any other accounts you linked. This report will detail your net capital gains, losses, and income from crypto for your chosen financial year. Review it to make sure everything looks correct.
If something looks off, return to the Review tab to ensure all transactions are categorized correctly; check the Accounts tab to ensure all your accounts and their transactions have been added.
- Download and complete the necessary tax forms.
Crypto Tax Calculator can produce specific forms or summaries needed for filing. You can export your data in a number of different ways, including pre-filled forms in supported jurisdictions.
For example, if you live in the US, it can produce a report ready to upload to TurboTax. There are also specific forms like Form 8949 and Schedule D that contain the relevant information for crypto.
Crypto Tax Calculator’s reports are designed to be tax-office compliant, making this as straightforward as possible for you.
- File before the deadline.
Make sure you file your taxes before the deadline in your country. Properly reporting your Binance Smart Chain crypto activity will keep you compliant and help you avoid any penalties.
Frequently Asked Questions About Binance Smart Chain (BINANCE-SMART-CHAIN) Taxes
01.What is the best crypto tax software for Binance Smart Chain (BINANCE-SMART-CHAIN)?
We may be slightly biased, but we think Crypto Tax Calculator is the best tax software for Binance Smart Chain.
Crypto Tax Calculator analyses all of your Binance Smart Chain transactions to calculate capital gains, income and expenses. You can add as many accounts as you like from other supported blockchain, exchanges, wallets and defi protocols, which streamlines the tax process, saving you from a headache.
There’s no need to worry about meeting the reporting standards of your local tax authority either. Crypto Tax Calculator generates tax reports that comply with the requirements of numerous tax authorities, including the IRS, HMRC, ATO, CRA, and many more.
With a single account, you have all your transaction data in one place, and the heavy lifting will be done for you for years to come.
But don’t just take our word for it. Crypto Tax Calculator has a 4.8-star rating on Trustpilot, with countless positive reviews. It is trusted by accountants worldwide and is the official tax partner of Coinbase and MetaMask, two of the largest crypto platforms in the world.
02.Are my Binance Smart Chain transactions tracked by the government?
It is very likely that the government can view and monitor your Binance Smart Chain transactions if they want to.
Many cryptocurrency exchanges are required to share customer details with governments and tax authorities as required by various local laws. Anti-Money Laundering (AML) and Know Your Customer (KYC) requirements ensure that exchanges are able to pair your real-world identity with your cryptocurrency transactions. This can include any withdrawals made to the %exchangeName% network.
If your local tax authority discovers you have misreported your crypto tax in previous years, you could face tough penalties, including fines and legal punishment.
Even if you have used non-KYC exchanges and DeFi protocols for trading, blockchains are public databases that make it easy for authorities to track and connect your transactions with your real-world identity.
Failing to report your BINANCE-SMART-CHAIN holdings or Binance Smart Chain transactions to authorities puts you at serious risk.
03.Does Binance Smart Chain provide tax documents, statements or summaries?
No. Binance Smart Chain does not currently provide a comprehensive tax report that covers all your gains and losses.
You may be able to download a CSV of your Binance Smart Chain transaction history from a block explorer, but this is not a tax report. You also need all of your transactions from any other blockchains, wallets or exchanges you’ve used to calculate your taxes accurately.
Crypto Tax Calculator helps you by letting you connect your Binance Smart Chain public address and other crypto accounts to create a complete tax report.
04.Do I have to pay taxes on Binance Smart Chain if I never sold my BINANCE-SMART-CHAIN for cash?
Even if you didn’t withdraw fiat to your bank account, many countries will tax you when you sell your BINANCE-SMART-CHAIN. This includes crypto-to-crypto trades or anything that counts as a disposal, regardless of whether it was on an exchange, on-chain or using a wallet.
For example, trading BINANCE-SMART-CHAIN for a stablecoin such as USDC is taxable because you sold one crypto for another.
The same goes for using BINANCE-SMART-CHAIN to buy something or spending it using a crypto debit card.
Transferring between your own wallets/exchanges (without changing ownership or value) might not be taxable, but if network fees are involved (e.g., gas) it may trigger a taxable event. Always consider what counts as a taxable event in your jurisdiction.
05.What if I only bought Binance Smart Chain (BINANCE-SMART-CHAIN) but didn’t sell?
Generally, buying crypto with fiat is not a taxable event.
If you haven’t sold or traded the BINANCE-SMART-CHAIN you bought, you likely don’t have gains or losses to report for those holdings yet. However, you should still keep records.
And if you earned any BINANCE-SMART-CHAIN (through staking or DeFi), that could be taxable as income even if you haven’t sold it.
Additionally, if you bought BINANCE-SMART-CHAIN but then moved it into another wallet or exchange, you may need to pay tax on the gas fees used if they were paid in crypto.
Crypto Tax Calculator tracks your cost basis for all linked accounts so that when you eventually sell, your prior purchases and any taxable network fees are accounted for.
06.Can I avoid paying taxes on Binance Smart Chain (BINANCE-SMART-CHAIN)?
If you have taxable transactions, you’re legally required to report them in most jurisdictions.
There’s no loophole to completely avoid taxes on your crypto profits besides using allowed methods to reduce your overall tax obligation, like offsetting gains with losses.
Crypto Tax Calculator will help ensure you’re claiming all your eligible losses and deductions, and it even suggests tax-minimisation methods you may not be aware of, like tax loss harvesting.
If you want to learn more about the legal ways to reduce your crypto tax, then read our dedicated guide, which was written by a specialised crypto tax lawyer.
No matter what a friend or anonymous person on the internet might say, you must not evade taxes. It will catch up with you.
The information provided on this website is general in nature and is not tax, accounting or legal advice. It has been prepared without taking into account your objectives, financial situation or needs. Before acting on this information, you should consider the appropriateness of the information having regard to your own objectives, financial situation and needs and seek professional advice. Crypto Tax Calculator disclaims all and any guarantees, undertakings and warranties, expressed or implied, and is not liable for any loss or damage whatsoever (including human or computer error, negligent or otherwise, or incidental or Consequential Loss or damage) arising out of, or in connection with, any use or reliance on the information or advice in this website. The user must accept sole responsibility associated with the use of the material on this site, irrespective of the purpose for which such use or results are applied. The information in this website is no substitute for specialist advice.
