Crypto Exchange Binance Lancer Financial Mutual Understanding Tool

Binance crypto exchange is launching a tax reporting tool that will allow users to” track crypto transactions and optimize reporting requirements,” according to a statement released yesterday. 

“The reality is that crypto regulation is still underway in many countries around the world, and we are all paving the right path for this promising, young and exciting industry,”said Binance CEO Changpeng Zhao. 

The new tool allows users to transfer their transaction history to a third party and receive reports of their tax liabilities. While the tool helps users, it also comes at a time when the stock market is being attacked by regulators around the world. 

Binance CEO hints at replacing himself as regulatory authority
In recent weeks and months, CZ has focused on Binance’s efforts to show that it takes compliance and legal obligations seriously. 

“I believe that in the long run, well-designed laws and regulations will provide a solid foundation that will make cryptography really necessary in everyone’s daily life,” CZ said in a statement on July 7. He added that the wider adoption of cryptography around the world was indicative of the need for “clearer regulation in different countries.” 

But despite the rhetoric, key questions remain about Binance. 

Binance’s complex relationship with regulatory agencies
Binance’s story is fraught with regulatory controversy. 

Last year, Malaysian authorities said Binance was operating illegally in that jurisdiction. The announcement comes months after Malta also dropped its relationship with crypto exchange. 

But this year, regulators have stepped up pressure on Binance, particularly focusing on the demand that the stock market be “decentralized” and operate without headquarters. 

For the past two months, regulators in Britain, Italy, Japan and the Cayman Islands have said Binance has no right to operate in its own jurisdictions. 

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