Home News Binance cuts withdrawal limits, rolls out tax reporting tool

Binance cuts withdrawal limits, rolls out tax reporting tool

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Popular cryptocurrency exchange Binance has lowered daily withdrawal limits for accounts that have not passed full verification from 2 BTC to 0.06 BTC.

The team at the exchange announced the new changes earlier; explaining that they will take effect immediately for new accounts and will rolled out gradually for existing ones.

Existing users who have not verified their accounts will see their daily withdrawal limits adjusted to 0.06 BTC. Starting from August 4th and ending by August 23rd. In addition, the Binance team encouraged verification as it will increase daily withdrawal limits to 100 BTC.

Traders will be able to increase the daily limit on the withdrawal of digital assets by passing an additional KYC check. However, given the fact that this procedure is not yet available, until mid-August, no one will be able to exceed the established norm so far.

New tax reporting tool

Binance also announced the launch of a new tax reporting tool. It will help traders to declare capital gains or losses with the relevant regulatory authorities. The new tax reporting tool is available through the Account > API Management feature on both the Binance website and mobile app.

The tool retrieves data dynamically and provides statements for a period longer than one year. The user can manually retrieve information in three months.

Each customer can create only one API for transferring tax information.

The service launched by the Binance exchange will definitely be useful to those users who need to prepare a tax report; and calculate the amount of tax on cryptocurrency transactions.

Binance Futures leverage reduced up to 20x for new users

Earlier, the exchange also announced new limits on the amount of leverage available for new futures accounts. According to the official announcement, futures accounts that are less than 60 days old will have a maximum leverage of 20x.

For existing accounts falling into this category, the leverage will be immediately reduced. Existing trading positions will maintain their leverage until the close, after which the leverage will drop to 20x.

Binance is making changes to adhere to various regulatory bodies

The aforementioned changes on Binance came after the exchange was pressured by various global regulators to comply with existing rules in various jurisdictions. Most likely, Binance will continue to add new changes and policies in the coming days.

In the near future, it is said in the message, the exchange may continue experiments to introduce new restrictions.

Amid pressure from supervisory authorities; Zhao released a letter in which he outlined the exchange’s plans to protect customers and ensure compliance.

Binance CEO Changpeng Zhao also noted that the company is actively recruiting top managers with experience in regulation and compliance.

“Binance is ready to assist regulators from around the world and together find the optimal way to set a fair playing field – consumer protection is important to all of us. We want to create a sustainable ecosystem around blockchain technology”, Zhao wrote.

Clearly, in recent weeks, CZ has focused its efforts on showcasing how Binance takes compliance seriously.

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