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Binance Smart Chain
Crypto taxes on Binance Smart Chain: You’re in the right place
Filing cryptocurrency taxes can feel overwhelming. The regulations are unclear, and official guidance often fails to answer all the important questions.
Meanwhile, the Tax Office is gaining more and more access to crypto data—from exchanges and on-chain activity—across networks like Binance Smart Chain. A growing number of services are now required to share information about your transactions, and blockchain activity is increasingly analyzed.
That’s exactly why Divly exists. We created a tool that guides you step-by-step through filing your taxes in full compliance with local regulations, without the stress or uncertainty. In this guide, we’ll show you exactly how to report your transactions made on Binance Smart Chain.
Introduction to Binance Smart Chain
Binance Smart Chain (BSC) is a chain with low transaction costs and numerous developer tools to build DApps and other DeFi products. BNB was launched in 2017 and started as an Ethereum token. However, it moved to its own Binance Smart chain (BSC) in 2020. Binance Smart Chain proliferated following the move, and BNB now occupies a top 5 spot in terms of market cap. The benefits of lower transaction fees and congestion have helped BNB take market share from competing chains.
In most countries DeFI transactions are taxed. Therefore, you'll most likely be taxed if you've used BSC to trade or join liquidity pools.
When Should I Declare My Cryptocurrencies?
You should report your Binance Smart Chain (also called BNB Chain) activity when you file your annual tax return for the tax year in your country. This includes all taxable events that happened on BSC, even if you used only wallets and DeFi apps and never a traditional exchange.
Common times you need to declare:
- When you sell BEP-20 tokens for fiat money
- When you swap one token for another on DEXs like PancakeSwap (each swap is a disposal)
- When you spend crypto on goods or services
- When you earn crypto as income, such as:
- Staking or validator/delegation rewards in BNB or other tokens
- Yield farming and liquidity mining rewards
- Lending/borrowing interest (e.g., Venus and similar protocols)
- Airdrops, referral bonuses, play-to-earn, or other incentives
- NFT sales or royalties on BSC marketplaces
- When you add/remove liquidity if it creates a taxable event in your country
- When you bridge or wrap assets if your tax rules treat it as a disposal
- Gas fees paid in BNB may affect your cost basis or be deductible, depending on local rules
Often not taxable (but keep records):
- Moving tokens between wallets you own or between your wallet and an exchange account you own
- Simple wallet-to-wallet transfers with no change in ownership
Your tax deadlines depend on where you live. Most countries use an annual return covering the prior tax year, and some (like the U.S.) may require quarterly estimated taxes if you have significant gains or income. Check your local rules and dates (for example: U.S. mid-April; U.K. 31 January online; Canada 30 April; Australia 31 October).
Tips for BSC:
- Keep detailed records of every transaction: date, token amounts, fair market value in your local currency, and fees paid in BNB
- Export your wallet history from BscScan or your wallet, or connect to crypto tax software to help calculate gains, income, and fees
How to export your Binance Smart Chain transactions
Automatic import
Divly has built an integration that lets you automatically import your Binance Smart Chain transaction data directly from the Binance Smart Chain blockchain. Divly's integration uses your public Binance Smart Chain Address to fetch all transactions. Divly will never ask for your private keys, remember to always keep them secret!
- Navigate to the Wallets page in Divly and click on Binance Smart Chain.
- Copy and paste in your Binance Smart Chain Address.
- Select the blockchain Binance Smart Chain (BNB) from the dropdown.
- Click the button Save Wallet Address and Import. Divly will import your transactions and calculate your taxes.
Why is Divly the best choice for Binance Smart Chain taxes?
Divly is built for each country with a focus on accuracy. Unlike generic tools, we automatically create the compliant, local tax report you need for your country. We handle the complex rules in your local tax law so you do not have to.
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Fast Import: Fast import of Binance Smart Chain transactions that combines with your other wallets/accounts.
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Accurate Calculations: Accurate tax calculations for swaps and transfers, including gains/losses, cost basis, and gas fees with the right cost method (e.g. FIFO).
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Local Tax Report: Simple download of your local tax report with step-by-step guidance for filing in your country.
Frequently asked questions (FAQ?)
Yes, in most countries you are required to pay taxes on crypto. For more details see your country-specific crypto tax guide.
Crypto typically incurs a capital gains tax in the majority of jurisdictions. This means you need to pay taxes on the difference between what you bought crypto for and what you sold it for (minus fees).
If you received crypto through other methods (e.g. salary), methods like income tax will apply.
Yes, you can use Divly to declare crypto taxes for previous years that you missed. In many countries you can self-report mistakes and not get penalized for it.
Divly provides localized guides on how to fix previous years for many of our supported countries.
It is a criminal offense to not pay your taxes. It is also difficult to avoid since crypto transactions are recorded publicly on the blockchain and exchanges have been forced to hand over information to local tax authorities.
Yes, you need to file a tax report even if you lost money. The good news is that by filing your losses you may be able to reduce your taxes.
Divly is a premium service to help people calculate and submit their crypto taxes. We use industry standard practices to secure your data.
- We do not sell your information to third parties such as other companies or government agencies.
- We do not perform any KYC. Divly only requires an email address and your pseudonymous crypto transactions to generate your taxes.
Feel free to use a temporary email / protonmail. You can also delete all your transactions and synched wallets at any time.
Yes. You can safely ask your accountant to create and manage a new Divly account for you, or invite them to see and/or edit your existing Divly account. Divly provides accountants with a special feature to manage multiple clients with crypto.
Any tax-related information provided by us is not tax advice, financial advice, accounting advice, or legal advice and cannot be used by you or any other party for the purpose of avoiding tax penalties. You should seek the advice of a tax professional regarding your particular circumstances. We make no claims, promises, or warranties about the accuracy of the information provided herein. Everything included herein is our opinion and not a statement of fact. This article may contain affiliate links.
