Yes. Binance.US does report to the IRS. The platform sends Form 1099-MISC when you earn $600 or more in staking, rewards, or referral income during the year, and it sends the new Form 1099-DA for digital asset sales starting with transactions on or after January 1, 2025.1Internal Revenue Service. Digital Assets – Section: Broker Compliance Each form goes to you and to the IRS, along with your name, address, and Taxpayer Identification Number, so the agency already has the numbers before you file.
When Binance.US Sends a 1099-MISC
If you earned $600 or more during the tax year from staking rewards, referral bonuses, or promotional incentives on Binance.US, the platform issues Form 1099-MISC. The IRS gets a copy at the same time you do. This income is taxed at your ordinary income rate, not at capital gains rates, and it belongs on your return as other income.
The deadline for Binance.US to send the form is January 31 following the end of the tax year.2Internal Revenue Service. Instructions for Forms 1099-MISC and 1099-NEC One important boundary: the $600 figure is the reporting threshold, not the taxability threshold. If your rewards came in under $600 and no form shows up, the income is still taxable and still needs to be reported.
When Binance.US Sends a 1099-DA
Form 1099-DA is the tax form built specifically for digital asset transactions, and it replaces the mix of older forms that were never designed for crypto.3Internal Revenue Service. About Form 1099-DA, Digital Asset Proceeds From Broker Transactions The reporting arrives in two stages:
- Gross proceeds from any sale or exchange of digital assets on or after January 1, 2025.1Internal Revenue Service. Digital Assets – Section: Broker Compliance
- Cost basis, plus whether the gain or loss is short-term or long-term, for transactions on or after January 1, 2026.4Internal Revenue Service. Instructions for Form 1099-DA (2025)
For the 2025 tax year, brokers had to provide Form 1099-DA to taxpayers by February 17, 2026.5Internal Revenue Service. Reminders for Taxpayers About Digital Assets Because cost basis reporting isn’t mandatory until 2026 transactions, your first 1099-DA will likely show what you sold and for how much but not what you originally paid. You’ll need to supply the cost basis for 2025 trades yourself.
What Personal Information Goes to the IRS
Along with the dollar figures, Binance.US transmits your full legal name, the primary address on your account, and your Taxpayer Identification Number, which is usually your Social Security Number. The IRS uses that information to match the exchange’s report to the return you file. When the numbers don’t line up, the mismatch can produce an automated notice or, in some cases, a full audit.
Backup Withholding If Your TIN Is Missing
If you never provided a valid Taxpayer Identification Number when you opened your account, or the number you gave doesn’t match IRS records, Binance.US is required to withhold 24% of your proceeds and send it directly to the IRS. This backup withholding applies to digital asset sales the same way it applies to stock sales or bank interest. You can claim the withheld amount as a credit when you file, but you have to file to get it back. Making sure your account information is accurate avoids the withholding in the first place.
What You Still Have to Do on Your Return
Platform reporting is only one side of the ledger. The IRS getting a form doesn’t substitute for your filing one.
The Digital Asset Question
Every federal return now includes a yes-or-no digital asset question. For the 2025 tax year it reads: “At any time during the tax year, did you: (a) receive (as a reward, award or payment for property or services); or (b) sell, exchange, or otherwise dispose of a digital asset (or a financial interest in a digital asset)?”6Internal Revenue Service. Determine How to Answer the Digital Asset Question If you traded, received staking rewards, or earned any crypto bonuses on Binance.US during the year, the answer is yes. Answering no when the IRS is holding a 1099 from your exchange is the kind of mismatch that draws attention.
Form 8949 and Schedule D
Each sale, exchange, or disposal of cryptocurrency goes on Form 8949. Assets held for one year or less go in Part I as short-term; assets held longer than a year go in Part II as long-term.7Internal Revenue Service. Instructions for Form 8949 (2025) The totals carry over to Schedule D, which produces your overall capital gain or loss for the year.8Internal Revenue Service. Digital Assets Each line typically shows the acquisition date, sale date, proceeds, cost basis, and the resulting gain or loss. If you received a 1099-DA, the entries on Form 8949 should match it. If you traded across multiple platforms or moved coins between wallets before selling, tracking the full picture is on you.
Holding Period Changes the Rate
How long you held an asset before selling determines the rate. Crypto held one year or less is taxed as a short-term capital gain at ordinary income rates, which can reach 37% at the top. Crypto held longer than a year qualifies for lower long-term capital gains rates.9Internal Revenue Service. Topic No. 409, Capital Gains and Losses
Pulling Your Records From Binance.US
Binance.US has a tax portal that lets you download a Tax Summary or a detailed transaction history as a CSV file. The exports include timestamps, asset types, amounts, and the value of each asset at the time of the trade or reward, which gives you what you need to complete Form 8949 or feed tax software. The platform also offers a Tax API Key that connects your account to third-party crypto tax tools, which is useful if you traded across several exchanges and want everything reconciled in one place. Keep your own copies of the downloads. If the platform’s interface changes or a service disruption gets in the way, those files are your backup.
Penalties If You Don’t Report
Because Binance.US sends copies of your forms to the IRS, the agency can flag discrepancies between what the platform reported and what you claimed. Unreported crypto income is treated like any other unreported income, with penalties scaling by the nature of the lapse:
- Failure to file: 5% of unpaid tax per month, up to 25%.10Internal Revenue Service. Failure to File Penalty
- Failure to pay: 0.5% of unpaid tax per month, also capped at 25%.10Internal Revenue Service. Failure to File Penalty
- Accuracy-related penalty: 20% of the underpaid amount if the IRS finds negligence or a substantial understatement.11eCFR. 26 CFR 1.6662-2 – Accuracy-Related Penalty
- Civil fraud penalty: 75% of the underpayment tied to fraud if the IRS proves intentional underreporting.12Office of the Law Revision Counsel. 26 U.S. Code 6663 – Imposition of Fraud Penalty
If a form you receive shows a figure you think is wrong, filing on time with the best information you have and sorting the discrepancy out with the IRS or a tax professional is safer than leaving the income off.
Key Dates for the 2026 Filing Season
- January 31, 2026: deadline for Binance.US to send Form 1099-MISC for 2025 staking and rewards income.2Internal Revenue Service. Instructions for Forms 1099-MISC and 1099-NEC
- February 17, 2026: deadline for Binance.US to send Form 1099-DA for 2025 digital asset sales.5Internal Revenue Service. Reminders for Taxpayers About Digital Assets
- April 15, 2026: deadline to file your 2025 federal return or request an extension.
- October 15, 2026: deadline to file with an extension. Taxes owed are still due by April 15.
If a form hasn’t arrived by its deadline, check the tax portal inside your Binance.US account for a digital copy. A missing 1099 doesn’t excuse the filing. You’re still expected to report accurately from your own transaction records.