Binance has launched a tax reporting tool, Binance Tax, to help crypto users stay compliant with regulations as tax season approaches.

The tool generates a tax summary report that includes all gains and losses incurred in the year, including spot trades, crypto donations, and fork rewards.

It is currently in a pilot phase in France and Canada and will be available in other markets later in the year.

The launch of Binance Tax is in response to increased regulatory scrutiny of the crypto industry following the FTX crisis and non-compliance probes by regulators in South Korea, the Netherlands, and the US.