How to Report Binance US Taxes
Binance US is a popular exchange for American traders, offering a wide range of crypto assets, staking, and competitive fees. Awaken Tax supports a direct API connection to Binance US, making it simple to sync your trades, income, and transfers for tax reporting.
This guide walks you through generating your API keys on Binance US and connecting them to your Awaken account, along with what tax documents to expect.
🔐 Step 1: Generate Your Binance US API Keys
To securely connect Binance US to Awaken Tax, you’ll need to create read-only API keys:
Log in to your Binance US
Hover over your profile icon (top right) and click API Management
Click Create API, enter a label like “Awaken Tax,” and complete 2FA
Confirm API creation via the email Binance US sends you
Once the API is created:
Copy the API Key
Copy the Secret Key (this is shown only once—store it securely)
Set permissions to read-only (uncheck any trading/withdrawal access)
Set IP access to Unrestricted if required for Awaken (this can be adjusted later)
📌 Make sure you do not enable trading or withdrawal permissions.
🔗 Step 2: Connect Binance US to Awaken Tax
Once your API keys are ready, follow these steps in Awaken:
Log in to your Awaken Tax account
Go to the Accounts tab
Click Add Account
Select Binance US from the list
Follow the prompts through Vezgo
Paste your API Key and Secret Key into the provided fields
Click Connect
Awaken will begin importing your full transaction history from Binance US — including trades, deposits, withdrawals, staking rewards, and interest.
This ensures your crypto activity is automatically tracked and categorized for accurate tax reporting.
🕵️ Does Binance US Report to the IRS?
Yes. Binance US must report certain user activity to the IRS to remain compliant with U.S. tax laws. If you meet specific thresholds, Binance US will issue forms such as Form 1099-MISC (for $600+ in rewards or staking income) and Form 1099-INT (for $10+ in interest income), and these forms are also filed directly with the IRS.
However, Binance US does not currently issue Form 1099-B, so you are still responsible for calculating and reporting your capital gains and losses from trading activity, even if you do not receive a tax form.
📝 Using Awaken Tax ensures that all your Binance US transactions are tracked accurately and included in your tax reports, helping you stay compliant whether or not you receive a tax form.
📄 Binance US Tax Documents
As a U.S.-regulated exchange, Binance US issues tax forms to eligible users and reports certain data to the IRS. Here are the main forms you may receive:
Form 1099-MISC - Issued if you earned $600 or more in staking rewards, referral bonuses, or other promotional income. This is treated as ordinary income.
Form 1099-INT - Sent if you earned $10 or more in interest from Binance US Earn products. Also considered ordinary income.
Form 1099-B - Currently not issued by Binance US, but future IRS rules may require it. Users are still responsible for reporting gains and losses from crypto sales.
Even if you don’t receive any tax forms, your activity on Binance US is still taxable. By connecting your Binance account to Awaken, you can make sure your entire transaction history is tracked and ready for tax filing.
🔄 Don’t Forget to Connect Other Wallets and Exchanges
To generate a complete and accurate tax report, make sure you connect all the platforms you've used — not just Binance US.
👉 See all supported integrations
🌍 International Tax Guidance
While this guide focuses on U.S. taxpayers, Awaken supports tax reporting in 50+ countries. For global guidance, check out our guide on the Global Crypto Tax Landscape in 2025.
For international users who have accounts with Binance (different from Binance US), check out our full guide on reporting taxes on your Binance transactions.
✅ Quick Hits Summary
Generate your Binance US API keys
Connect them to Awaken using the Add Account > Binance US (API) flow
Check for any 1099 forms you may have received
Connect your remaining wallets and exchanges
Generate your tax report and file with confidence
