Yes, Binance.US reports your digital asset activity to the IRS on Form 1099-DA, a requirement that applies regardless of how small the transaction is. For tax year 2026, cost basis is added to that form for the first time, alongside a notable shift in the 1099-MISC threshold, which jumps from $600 to $2,000 this year as per One Big Beautiful Bill Act. Not everything gets reported, though, simply holding crypto, moving it between wallets you own, or buying and sitting on it generates no reportable event at all, so the form only reflects a slice of your total activity.
This guide covers exactly what Binance.US sends the IRS, how that data gets cross-checked against your return, why your 1099-DA may not match your full transaction history, and the three-step process for reporting your activity correctly.
Key Takeaways
- Yes; Binance.US issues Form 1099-DA to the IRS for most crypto sales, exchanges, or spends.
- Binance.US also reports staking and referral income of $600 or more on Form 1099-MISC, a threshold that rises to $2,000 starting tax year 2026. It does not issue Form 1099-B or Form 1099-K.
- Binance.US is legally separate from Binance.com, the international platform that closed to US customers years ago, a distinction that matters both for what gets reported and for understanding Binance’s regulatory history.
How Binance.US Reports to the IRS?
Binance.US’s tax reporting runs through two forms each having its own trigger and thresholds. The table below reflects current requirements; confirm them before relying on it, since this is exactly the kind of detail that shifts from one filing season to the next.
Form / Requirement | Status for Tax Year 2026 |
Form 1099-DA for gross proceeds | Required if you sold, exchanged, or spent digital assets. No minimum threshold for standard crypto assets, but two exceptions apply: stablecoin sales are exempt from being reported if your total sales of a specific stablecoin stay under $10,000 for the year at Binance.US, and NFT sales have their own $600 annual minimum. |
Form 1099-DA for cost basis | Required starting tax year 2026, under the same general broker cost-basis mandate applying across all US exchanges. Likely limited to assets acquired on Binance.US on or after January 1, 2026, consistent with how other brokers report under this rule. |
Form 1099-MISC for staking, referral rewards | Required. The threshold is now $2,000 for tax year 2026 and beyond. Reports eligible income only and not trading gains or general transaction activity. |
Form 1099-B / Form 1099-K | Not issued. Binance.US does not file either form for digital asset activity. |
Backup withholding | Not applied for tax year 2026. IRS Notice 2025-33 extends relief from the 24% backup withholding requirement (Section 3406) through calendar year 2026. |
CARF (Crypto-Asset Reporting Framework) | The US is not a formal CARF signatory. Form 1099-DA serves as the domestic equivalent, and any cross-border information exchange involving US persons currently runs through FATCA treaties rather than CARF. |
Note: Tax forms are typically available before mid-February following the end of the tax year. Note that Binance.US limits users to six tax report downloads per month through the web portal.
How Does the IRS Track Your Binance.US Transactions?
Form 1099-DA is only one part of the information the IRS can use to track your Binance.US activity. The IRS can connect your account information with the forms Binance.US files, compare the reported figures with your tax return through automated systems, and request information from the platform when legally permitted. Together, these sources give the IRS a broader view of your crypto activity than any single form provides.
KYC and TIN-Linked Account Data
One of the methods is when you verify your Binance.US account. Binance.US collects your name, address, and Taxpayer Identification Numbers (TIN) as part of its standard identity verification process, and that information is filed alongside every 1099-DA and 1099-MISC the platform submits. Because your identity remains linked to your account activity, the connection does not change based on which form later reports a particular transaction or type of income.
Form 1099-DA and IRS Underreporter (AUR) Matching
Once Binance.US reports your information, the IRS can compare it with the figures on your tax return through IMF Automated Underreporter program. This is an automated system, rather than a manual review, that compares the proceeds Binance.US reports with what you reported on your return.
However, a difference does not always mean you made an error because the 1099-DA and your Binance.US transaction history can cover different information. The 1099-DA reports specific reportable dispositions, while your complete transaction history can include broader activity. Even so, a mismatch can prompt a CP2000 notice or an CP2501 notice asking you to explain the difference.
John Doe Summonses and Direct Enforcement
The IRS doesn’t need an exchange’s voluntary cooperation to get your records, it can petition a federal court for a “John Doe” summons, compelling a business to hand over records on an entire class of customers, even before the IRS knows their individual identities.
Once authorized, compliance isn’t optional. No John Doe summons specific to Binance.US have been identified as of this writing, unlike some other US exchanges, which have been the direct target of one. That doesn’t reduce Binance.US’s standard 1099-DA and 1099-MISC obligations, which apply regardless of any summons history.
Note: Binance.com, the separate international platform, was part of a 2023 US Department of Justice settlement over anti-money-laundering violations, a case involving Binance.com specifically, not Binance.US. Don’t confuse the two; the settlement doesn’t reflect Binance.US’s own regulatory standing or reporting obligations.
Why Your 1099-DA May Not Match Your Actual Gain?
Your 1099-DA may not match your actual gain because cost basis reporting under the broker rule generally applies only to assets acquired on the same platform from the effective date forward. Therefore, crypto purchased before that window, even directly on Binance.US, may be reported as proceeds only, without cost basis.
This can affect many Binance.US users who opened their accounts before 2026. It can also explain why your 1099-DA total may differ from your full transaction history, even when both are accurate, because they report different information. For example, Sam bought SOL directly on Binance.US for $6,000 in 2024 and sold it for $9,000 in 2026. Since he acquired it before the covered-asset window began on January 1, 2026, his 1099-DA reports $9,000 in proceeds but no cost basis. His actual gain is therefore $3,000, not $9,000.
If you ignore this gap and enter $0 in box 1g due to lack of your own records, an IRS review will then treat the unreported basis as zero, making your taxable gain appear much higher. If you held crypto on Binance.US before 2026, cross-check your 1099-DA with your purchase records before filing. KoinX reconstructs basis for pre-2026 Binance.US purchases and reconciles your 1099-DA with your complete transaction history.
How to Download Your Binance.US 1099-DA and Transaction History?
Downloading your tax documents from Binance.US takes just a few steps, whether you’re using the mobile app or logging in from a browser, the process below walks through both.
Part A: Download your Form 1099-DA
Binance.US lets you download tax forms from either the mobile app or a web browser, but only one of these gives you a choice of file format, worth knowing before you pick which one to use.
Mobile app (PDF only):
- Tap the profile icon in the top-right corner of the app.
- Scroll to the Account section and select Reports.
- Tap Tax Reports.
- Select the Tax tab in the top-right of the screen, Yearly Report is preselected.
- Choose the year, tap Select Form Type to pick 1099-DA, then tap Generate. Your form is added to a processing queue.
Web (PDF or CSV):
- Log in to your Binance.US account, hover over your email address in the top-right corner, and select Export Reports.
- Click the Tax Reports button.
- Click the Tax tab and select 1099-DA from the Select Asset dropdown.
- Choose the year and your preferred file format, then click Generate.
Note: the mobile app only produces PDFs, if you need a CSV, you’ll need to use the web version instead.
Part B: Export Your Transaction History
You can download your Binance.US transaction history using the given methods.
Through Mobile App:
- From your home screen, tap the profile icon in the top-right corner.
- Scroll to the Account section and tap Reports.
- Tap Custom Reports for a full transaction history.
- Fill in the fields to customize your report, then tap Generate.
Through Web:
- Log in to your Binance.US account, hover over your name in the top-right corner, and select Export Reports.
- For a transaction history, fill in the details and click Generate Report.
- Customize your export by asset, transaction type (select All to make sure every transaction type is included — a common cause of “missing” transactions in a report), date range (custom ranges can’t exceed 12 months or however long your account has been active), and file format (CSV or PDF).
Note: Reports can take up to 24 hours to generate, and you’re limited to 10 custom reports per account per month, a separate cap from the 6-per-month limit on tax report downloads.
Once you have your Binance.US transaction records, connect your Binance.US account to KoinX to reconstruct cost basis for assets acquired before 2026, along with anything sitting outside the platform’s covered-asset window. This lets you reconcile your actual gains against what’s reported on your 1099-DA, rather than relying on the form alone.
Common Misconceptions About Binance.US and IRS Reporting
Binance.US users carry a specific set of misconceptions that don’t show up as often with other exchanges, largely because of confusion between Binance.US and its international counterpart. Here are some common misconceptions that can trigger crypto tax notices in US:
Since Binance.com Doesn't Report to the IRS, Neither Does Binance.US
Binance.com and Binance.US are separate, independently regulated companies, not two names for the same platform. Binance.com doesn’t serve US customers and sits outside US broker reporting rules entirely, but Binance.US is a fully licensed domestic exchange with its own distinct 1099-DA and 1099-MISC obligations. Assuming Binance.com’s rules apply to Binance.US, or vice versa, leads to incorrect assumptions about what’s actually being reported on your behalf.
Every Transaction on Binance.US Gets Reported to the IRS
Not everything is reportable. Holding crypto, buying and never selling, or transferring assets between wallets you personally own generates no taxable event and nothing for Binance.US to report on Form 1099-DA. Only actual sales, exchanges, and spends trigger reporting. That said, this cuts both ways, some genuinely taxable activity, like staking rewards below the 1099-MISC threshold, still needs to be reported on your own return even without a form arriving.
My 1099-DA Should Match My Full Transaction History
1099-DA and Transaction History are two separate documents serving different purposes. They aren’t built to reconcile automatically. The 1099-DA reports specific dispositions the IRS requires Binance.US to disclose, while your transaction history includes broader account activity like deposits, withdrawals, and internal transfers that were never taxable events to begin with. A mismatch between the two totals is expected, not necessarily a sign something’s wrong with either report.
Only Cashing Out to USD Is Taxable
Every disposal counts as a taxable event under general tax principles, not just conversions back to dollars. Exchanging one cryptocurrency for another on Binance.US, spending crypto directly on goods or services, or converting between assets all trigger a reportable gain or loss in exactly the same way a straightforward USD sale would, whether or not any cash ever touched a bank account.
Small Trades Under $2000 Don't Need to Be Reported
The $2,000 for tax year 2026, applies only to Form 1099-MISC income, like staking and referral rewards. Form 1099-DA works differently: most crypto sales have no minimum at all, though stablecoins and NFTs each carry their own small exemption threshold. Either way, you’re still required to report every taxable crypto transaction on your own return, regardless of whether Binance.US issues a form for it.
How to Report Your Binance.US Trades Correctly?
Reporting Binance.US activity correctly starts with your own records, because neither the 1099-DA nor your Binance.US transaction history alone shows your complete tax picture. By calculating your actual gain first, reconciling it with the forms Binance.US reports, and then filing the right tax forms, you can account for differences before they become IRS mismatches.
Step 1: Calculate Your Actual Gain or Loss
Start with your complete Binance.US transaction history rather than relying only on the proceeds shown on your 1099-DA. For each disposition, subtract your actual cost basis from the proceeds to calculate your gain or loss. KoinX automates this calculation, including the basis for assets acquired before Binance.US’s 2026 covered-asset window opened.
Step 2: Reconcile Against Your 1099-DA and 1099-MISC
Once you calculate your actual gain or loss, compare it with what Binance.US reported on your 1099-DA and 1099-MISC. Since these forms and your transaction history can report different information, a difference does not automatically mean something is wrong. Instead, trace each difference to its source, such as missing basis, a pre-2026 purchase, or a transaction type the 1099-DA does not cover.
Step 3: File Form 8949 and Schedule D
After reconciling the differences, report each crypto disposition individually on Form 8949 and carry the totals to Schedule D. Report rewards income from Form 1099-MISC on Schedule 1. Finally, keep your transaction records and reconciliation documents in case a CP2000 notice asks you to explain a difference between what Binance.US reported and what you filed.
Conclusion
Binance.US reports your crypto activity to the IRS through Form 1099-DA for covered transactions, Form 1099-MISC for qualifying income, and TIN linked account information that connects your activity to your tax identity. These obligations are separate from Binance.com, which does not serve US customers or file US tax information returns. This distinction also matters when considering the 2023 DOJ settlement, which involved Binance.com specifically.
Even with this reporting, your Binance.US forms may not show your complete tax picture. Cost basis coverage is limited to assets that meet Binance.US’s covered asset requirements, while your 1099-DA does not capture every transaction in your full history. Therefore, reconciling your 1099-DA and 1099-MISC with your own transaction and cost basis records is essential before filing. If you want to simplify this process, KoinX can connect with Binance.US and automatically reconcile your transaction history, cost basis, and reported figures in one place.
Frequently Asked Questions
Do I Need to File an FBAR for My Binance.US Account?
No FBAR filing is required for a standard Binance.US account, since Binance.US operates entirely within the US and falls outside the Foreign Bank and Financial Accounts reporting rule. The exception is historical: if you held funds on the original Binance.com platform before it closed to US customers, and those holdings exceeded $10,000, an FBAR filing may have applied to that specific account.
Does Binance.US Report Crypto if I Only Held It?
Binance.US does not report holding crypto to the IRS, since simply holding an asset, or transferring it between wallets you personally own, isn’t a taxable event and generates nothing to disclose on Form 1099-DA. The one exception is staking and referral income, which Binance.US reports on Form 1099-MISC once your earnings cross the applicable annual threshold, even without any sale taking place.
Do I Owe Taxes if Someone Gifts Me Crypto Through Binance.US?
Receiving a crypto gift through Binance.US isn’t immediately taxable, tax only applies once you later sell, exchange, or otherwise dispose of the gifted asset. When that happens, your cost basis typically carries over from the original giver, which is why keeping documentation of their acquisition date and basis matters for accurately calculating your eventual gain or loss.
Does Donating Crypto Through Binance.US Reduce My Tax Bill?
Donating crypto through Binance.US to a registered 501(c)(3) organization can qualify for a charitable deduction, but the amount depends on your holding period. Assets held longer than one year allow a deduction equal to the crypto’s full fair market value at the time of donation, while assets held one year or less limit the deduction to the lesser of your cost basis or that fair market value.
