Binance taxes: How to do your tax declaration in 2025
With Blockpit, you can quickly and easily calculate your Binance taxes and correctly include them in your tax return!
Blockpit is a trusted cryptocurrency tax calculator used by hundreds of thousands of crypto investors worldwide to accurately track and optimize Binance transactions, and calculate gains, losses and income for tax purposes.
Simply sign up for free, import your transaction data and generate your fully compliant crypto tax report for Binance and more than 500,000 other crypto assets, exchanges and wallets in minutes!
Read on to learn everything you need to know about Binance and crypto taxation in the UK!
🤝 Binance is an official Blockpit partner.
#1 Binance Tax Calculator
🏆 Full Binance support
📈 Smart tax optimization and offsetting of losses
🇬🇧 Full support for UK tax regulations
Do I have to pay taxes if I use Binance?
Yes, Binance gains and income are considered taxable transactions by HMRC.
Binance crypto profits are subject to capital gains tax at 18% to 24%, with an annual tax-free allowance of £3,000 for the 2024/25 tax year. Binance income (staking, mining, or services) maybe be taxed as income tax at 0%-45%, depending on total earnings.
Read our complete 2025 guide Crypto Tax UK for more information.
Does Binance automatically deduct taxes?
No, as of 2025, Binance does not automatically deduct taxes for you.
Crypto exchanges only track your transactions on their own platform, not your transfers to other wallets or exchanges. This means crucial information for accurate tax calculations is missing – something only crypto tax tools like Blockpit can provide.
Warning: HMRC knows about your Binance gains!
Binance transactions are publicly recorded on the blockchain, making them fully traceable by HMRC. The tax authority uses advanced tracking methods to monitor crypto activity and enforce tax compliance. Additionally, centralized exchanges report user data to HMRC, increasing the risk of tax investigations.
Failing to report your crypto gains can lead to back taxes, penalties, and interest charges. Use a crypto tax tool like Blockpit to stay compliant and avoid costly mistakes.
Warning: HMRC knows about your Binance gains!
Binance transactions are publicly recorded on the blockchain, and wallets and DeFi activity leave a clear trail. HMRC actively uses blockchain analysis to track transactions and can obtain additional data from centralized exchanges. Enforcement is increasing, and more crypto users are receiving tax notices and back tax demands.
Failing to report your crypto gains can result in fines, interest charges, and HMRC investigations. Stay compliant with a crypto tax tool like Blockpit.
Import Binance transactions into Blockpit
Blockpit offers advanced integrations to process Binance transaction data. Our guide explains how to add the Binance integration for portfolio tracking and tax calculation.
Step 1: Log in to your Blockpit account
Log into your Blockpit account here: Login. If you don’t have an account yet, please sign up first: Create Blockpit Account.
Step 2: Select "+ Integration"
After logging in, click on “+ Integration" in the top navigation.
Step 3: Select "Binance"
Select Binance from the integration creation dialog
Step 4: Follow the on-screen instructions
You can find a detailed Binance setup guide here: How to import Binance transactions
Step 5: Wait for the data import to finish
The data import can take several minutes, depending on the number of transactions. Have a look at the import scope description of our Binance integration in the meantime!
Import Binance transactions into Blockpit
Blockpit offers advanced integrations to process Binance transaction data. Our guide explains how to add the Binance integration for portfolio tracking and tax calculation.
Step 1: Log in to your Blockpit account
Log into your Blockpit account here: Login. If you don’t have an account yet, please sign up first: Create Blockpit Account.
Step 2: Select "+ Integration"
After logging in, click on “+ Integration" in the top navigation.
Step 3: Select the corresponding blockchain
In the appearing integration creation dialog, select the corresponding blockchain from the list.
Step 4: Follow the on-screen instructions
You can find a detailed Binance setup guide here: How to import Binance transactions
Step 5: Wait for the data import to finish
The data import can take several minutes, depending on the number of transactions. Have a look at the import scope description of our Binance integration in the meantime!
Which Binance transactions are automatically imported into Blockpit?
Blockpit auto-labels Binance transaction data based on country-specific gain, loss, and income tax categories, then processes them in alignment with your national tax regulations. As a result, Blockpit can distinguish automatically among these asset classes and Binance transactions:
Assets
✅ Fiat (EUR, USD, CHF, etc.)
✅ Crypto (Coins & Token)
✅ NFTs (NFT Collections)
✅ Commodities (Gold, Silver, etc.)
✅ Derivatives (Tokenized Stocks, Tokenized Commodities, etc.)
Transactions
✅ Deposits & Withdrawals
✅ Fee Payments
✅ Spot Market Trades
✅ Buy via Credit Card
✅ Leveraged Token Trades
✅ Futures Trades PnL (Profit, Loss, Fee, Funding
✅ Launchpad (Claims)
✅ Dust to BNB Conversions
✅ Margin Trades & Loans (Cross & Isolated)
✅ Direct Converts / OTC Trades (P2P)
✅ Earn: Rewards & Distributions (Locked Staking, Launchpad Clains, Launchpool, BNB Vault, etc.)
✅ All transactions provided by Binance
Review Binance transaction data in Blockpit
Blockpit seamlessly merges and organizes your Binance transaction data. Once all data is imported, the following features ensure clarity and assist in verifying data accuracy:
- Identifying unmerged transfers
- Flagging unlabeled transactions
- Highlighting mismatched balances
- Pinpointing potential issues
- Filtering of assets and transactions
- Access to help center guides
For an in-depth overview of Blockpit's review capabilities, refer to: Troubleshooting
What does the Binance tax report look like?
Blockpit's popular Crypto Tax Calculator generates detailed Binance tax reports in PDF format, designed to help you accurately report your crypto taxes to HMRC. The reports include clear explanations to ensure correct filing and have been successfully used by many UK taxpayers.
Each report provides a complete overview of your balances, realized profits and losses, and can serve as proof of origin for banks or tax advisors. It includes all relevant transactions for the selected tax year, detailing timestamps, amounts, assets, costs, and fees.
Check out sample reports for the UK here: Blockpit Tax Report UK
Optimize Binance taxes with Blockpit's Crypto Tax Optimizer
Save an average of 2,395$ in crypto taxes with our tax-loss harvesting tool and unique sell simulator for your crypto portfolio.
With Blockpit’s Crypto Tax Optimizer, you can track unrealized gains, losses, and holding periods for your Binance assets.