World’s largest crypto exchange Binance on Tuesday said it has upgraded the account statement function feature to support the tax, audit, and compliance needs of institutional and VIP investors. Simplifying these complex obligations may further push crypto investments by institutional and VIP investors.
Binance Eases Tax, Audit, and Compliance for Institutional and VIP Investors
Binance in an official blog on August 9 announces upgrading the account statement function to simplify the tax, audit, and compliance needs of institutional and VIP investors. Moreover, clients will be able to view and download historical data of their assets on the website. The features are not available on the mobile version.
It will help institutional and VIP investors to better manage their tax and audit reporting obligations. Managing account balances is critical for accounting purposes and sending reports to third parties such as auditors. Binance’s institutional-quality data and reporting services are certified and accepted globally.
After the upgrade, the account statement function now supports “Earn Wallet snapshot,” “File sharing and PDF export,” and “Password protection.”
Clients will see daily snapshots of their asset holdings across spot, margin, futures, and other wallets. The snapshot will also show accumulated interest in the Earn Wallet. Clients will be able to select either BTC, BUSD, or USDT as their preferred options to show account balances. The account statement also provides exchange rates for BTC, BUSD, and USDT.
Furthermore, clients can download and export account statements in multiple formats, as well as share the statement with up to three recipients.
Binance will ask clients to set a one-time password before exporting account statements. Binance considers privacy, security, and regulatory compliance as top priorities.
The new account statement function features will most likely increase the experience of institutional and VIP investors. Thus, increasing the possibilities of more crypto investments.
Exchange’s CEO “CZ” Commitments to the Crypto Community
Crypto exchange Binance expanding globally to meet the mission to lead the next wave of crypto and blockchain adoption. Recently, Binance CEO “CZ” visited the Central African Republic to grow crypto adoption across Africa. The crypto exchange is also expanding its presence in several Europe and Asian countries.
Meanwhile, heated debates with crypto exchange WazirX led Binance to terminate off-chain fund transfers between both crypto exchanges.
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