A Binance US account rarely stays simple for long. Spot fills sit alongside one-click Buy/Sell orders and OTC block trades, and dust sweeps turn dozens of small balances into a single line. Staking rewards, savings interest and other payouts all export under one generic record, with no breakdown of which is which.
Recap reads all of it through a read-only API. Each transaction is classified by default treatment, so you get a figure you can file or hand to your accountant. This page covers how Recap classifies Binance US activity and how to get your history in.
Disclaimer
The information provided in this content does not endorse Binance US. Furthermore, it does not constitute tax advice. If anything financial or tax-related is unclear, speak to a qualified tax professional. You can also share your Recap account with your accountant or tax adviser directly.
Why Binance US tax is difficult to work out by hand
Binance US separates the same kind of trade into three different order types. Ordinary spot fills, one-click Buy/Sell orders and OTC desk trades each carry their own record. No single export lines them all up.
Dust conversions add another wrinkle. Sweeping small leftover balances into BNB, or another asset, happens in one batch, but each converted asset is a separate disposal for tax purposes.
Staking rewards, savings interest, launchpool payouts and other distributions all come through Binance US's Asset Dividend record. It doesn't say which payout was which, so a raw export gives you a pile of small credits with no context to classify them.
Deposits and withdrawals, in crypto and in USD, only really count once Binance US marks them complete. A pending or failed transfer can still appear in an export and needs excluding by hand.
How to get your Binance US history into Recap
The API connection is the best way to bring your Binance US data into Recap for most people.
API connection
Connect your Binance US account with a read-only API key, and Recap syncs your transactions automatically. The Binance US help guide linked below walks through generating a key with the right permissions.
Recap CSV
Binance US has no dedicated CSV export in Recap. If you would rather not connect via API, you can import transactions using Recap's generic CSV template. It also covers any gap in your API history.
Auto Sync with Binance US How are Binance US transactions taxed?
Recap classifies each Binance US transaction type by default and applies the rules for your jurisdiction in your report. Where your circumstances differ, you can recategorise any transaction.
Spot trades, one-click Buy/Sell and OTC orders
Recap treats selling or swapping crypto as a disposal by default, whichever order type it came through. A one-click Buy/Sell trade or an OTC desk purchase is classified the same way as an ordinary spot trade. You dispose of what you part with and acquire what you receive.
Dust conversions
Recap treats each dust conversion as a small crypto-to-crypto trade. Converting several small balances into BNB in one sweep produces a separate disposal for each asset converted, not one unexplained trade.
Distributions: staking, savings interest and other payouts
Our UK crypto tax guide and US crypto tax guide both treat staking rewards and interest payments as income when you receive them. Binance US's own API groups these together with other payouts under one Asset Dividend record, so Recap imports each one as an airdrop by default rather than automatically as income. For portfolios created after 6 April 2024 an airdrop enters your pool at zero cost; older portfolios default to market value. Recategorise a payout as income in Recap if that's what it actually is, and Recap values it at the point you received it.
Deposits, withdrawals and fees
Deposits, withdrawals and transfers between your own Binance US accounts are not disposals or acquisitions, because ownership doesn't change hands. A network or withdrawal fee paid in crypto is different. Recap treats paying it as a disposal, and adds the fee to the cost basis of the transaction it relates to.
| Transaction type | CGT disposal | CGT acquisition | Income |
|---|---|---|---|
| Spot trades, one-click Buy/Sell and OTC orders | CGT disposal: yes | CGT acquisition: yes | Income: no |
| Dust conversions | CGT disposal: yes. Each asset swept into BNB is a separate disposal, even though Binance US converts them in one batch. | CGT acquisition: yes. The BNB, or other asset, you receive is a new acquisition. | Income: no |
| Distributions: staking, savings interest and other payouts | CGT disposal: no | CGT acquisition: yes. Imported as an airdrop by default. Recap's default for portfolios created after 6 April 2024: the asset enters the pool at zero cost. Portfolios created before then default to market value. Configurable per portfolio and overridable per transaction. | Income: no. Not income automatically. Recategorise a staking reward or interest payout as income and Recap records it at market value on receipt, with that value also entering the pool. |
| Network and withdrawal fees paid in crypto | CGT disposal: yes. Paying a fee in crypto disposes of it, and the fee is also added to the cost basis of the transaction it relates to. | CGT acquisition: no | Income: no |
| Crypto deposits and withdrawals between your own accounts | CGT disposal: no | CGT acquisition: no | Income: no |
| Fiat deposits and withdrawals by bank transfer | CGT disposal: no | CGT acquisition: no | Income: no |
This table shows how Recap classifies each transaction type by default. Some treatments — such as the acquisition cost used for airdrops — are configurable in Recap. This is general information, not tax advice; consult a qualified tax professional about your circumstances.
This table shows Recap's default classification for common Binance US transactions. It is not an exhaustive schedule or a ruling. Treatment depends on your circumstances and jurisdiction, and you can recategorise any transaction where yours differ. Confirm your position with a qualified tax adviser.
Refer to our tax guides for a more detailed look at crypto tax rules.
What we handle that the raw Binance US export does not
Binance US's API and exports are not one tidy statement. A few of their quirks need extra work before the numbers are right, and Recap does that automatically.
Deposits, withdrawals and fiat transfers
Deposits and withdrawals only count once Binance US itself marks them complete. Pending or failed transfers are excluded, rather than appearing as a phantom credit or debit.
Fiat transfers through Binance US's banking rails only count when marked successful, so a failed bank transfer doesn't throw off your USD balance.
Order types and dust conversions
One-click Buy/Sell and OTC orders come from separate parts of Binance US's API to ordinary spot fills. Recap folds them into the same trade history, so a large OTC purchase isn't miscounted as a deposit.
Dust conversions are unpacked into one line per asset swept. Each line is matched against the fee Binance US takes in BNB, rather than left as one unexplained batch.
What's in your Binance US tax report
Recap turns your full Binance US history into a single tax report. Capital gains, losses and income are worked out under the rules for your jurisdiction, ready to review before you file.
Your report includes capital gains and losses on every disposal, using the cost basis rules for your jurisdiction. It also includes income from any payouts you have recategorised as such.
A transaction log lets you spot any issues before you file. There's also a downloadable summary to submit with your return or share with your accountant.
Multiple accounts and staying current
You can add more than one Binance US account under the same Recap login, and each imports independently into your overall position. You can check your tax position at any point in the year, not only at filing season.
Auto Sync with Binance US 