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Binance To Limit Withdrawals, Launches A Tax Reporting System

Binance, the popular global cryptocurrency exchange has announced to cut withdrawal limits for customers. According to the new announcement, Binance’s existing users will not be able to withdraw over $0.06 BTC per day, if their KYC verification is not complete. The new rule will be effective from August. 

The world’s largest crypto exchange by trade volume is introducing limits on daily withdrawals to make sure the platform is not used by organized money laundering groups. Recently, Binance has been facing heat from regulators across the globe, as many found it to be lax with local regulatory compliance requirements. 

Before the new rule, the daily withdrawal allowance was about $2 BTC, which is approximately $80,000. In an announcement, Binance said that they will start rolling out the new restriction from August 4 in phases. 

Binance also launched its tax reporting system which is an Application Programming Interface (API). The new system will help users track their transactions and help them in tracking their taxable gains. However, Binance also said that users are free to use third-party tools. 

 “Binance is not endorsing any particular third-party tax tool software. Please exercise your own discretion and/or consult your personal tax adviser based on your personal tax circumstances and requirements when selecting the third-party tax tools,” the exchange said in its statement.

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