Cryptocurrency Exchange Platform Binance.US Selects Sovos for Tax Information Reporting

July 13, 2020

Global tax software leader Sovos today announced that cryptocurrency exchange platform Binance.US has selected Sovos for its 1099 crypto tax information reporting needs. The Sovos Tax Information Reporting solution will automate Binance.US’ 1099 forms and filings for crypto investors, reducing the potential for error and delivering automatic regulatory updates as the cryptocurrency compliance landscape continues to evolve.

Founded in 2019, Binance.US provides an exchange platform for trading various cryptocurrencies, offering an entire ecosystem of resources. The crypto trading platform selected Sovos for its experience as the largest private filer to the IRS of 10-Series tax forms, and for Sovos’ ability to quickly adapt to the compliance needs of the cryptocurrency market.

“The reporting obligations for cryptocurrency continue to evolve at a breakneck pace, often lacking clear guidance from regulatory authorities. By implementing Sovos, Binance.US can be assured of always having the latest changes pushed to us through an automated platform,” said Joshua Sroge, interim CFO, Binance.US. “This industry will continue to evolve over the next several years, and having Sovos in our corner will ensure we provide the correct reporting guidance to our users.”

The IRS has yet to provide guidance around the 1099 form requirements for cryptocurrency reporting. Therefore, exchanges must interpret the regulations to help their clients understand their crypto tax obligations and avoid reporting incorrect income to the IRS and any applicable state departments of revenue. With such high volumes of exchanges in a market full of regulatory unknowns, managing risk and maintaining compliance are critical to success for companies like Binance.US.

“As the rules and regulations around cryptocurrency tax reporting remain unsettled, the Sovos regulatory team continues to be at the forefront of changes, so we can help platforms like Binance.US quickly adjust to the reporting requirements and stay compliant,” said Paul Banker, general manager of Tax and Regulatory Reporting at Sovos.

To learn more about protecting your digital asset company from the burdens and risks of cryptocurrency tax reporting, visit https://sovos.com/solutions/cryptocurrency-tax-software.

About Sovos
Sovos is a leading global provider of software that safeguards businesses from the burden and risk of modern transactional taxes. As modern tax goes digital, businesses face increased risks, costs and complexity. The Sovos Intelligent Compliance Cloud is the first complete solution for modern tax, giving businesses a global solution for tax determination, e-invoicing compliance and tax reporting. Sovos supports more than 7,000 customers, including half of the Fortune 500, and integrates with a wide variety of business applications. The company has offices throughout North America, Latin America and Europe. Sovos is owned by London-based Hg. For more information visit http://www.sovos.com and follow us on LinkedIn and Twitter.

About Binance.US
Binance.US is America’s home to buy, trade, and earn digital assets including Bitcoin. They deliver the lowest fees to move USD into over 30 different cryptocurrencies instantly. They continue to evaluate new cryptocurrencies to list on Binance.US that follow their Digital Asset Risk Assessment Framework, community feedback, and market demand. The mission is to bring financial confidence and crypto literacy to more Americans every day.

Sign up for Email Updates

Stay up to date with the latest tax and compliance updates that may impact your business.

Additional Press Releases

July 27, 2020
Sovos Names Terry Melnik General Manager of Sales and Use Tax Line of Business

Global tax software provider Sovos today announced that Terry Melnik, formerly general manager at Oracle Netsuite’s OpenAir, has joined the company as GM of Sales and Use Tax. With 20 years’ experience in technology, management consulting and ecommerce, Melnik is charged with leading Sovos’ long-range plan in a market undergoing rapid change driven by the digital transformation […]

Read More
July 23, 2020
Sovos Buys Keane’s Unclaimed Property Consulting Services and Software

Global tax software provider Sovos today announced it has acquired Keane’s unclaimed property consulting services and reporting technology. The acquisition, Sovos’ fourth this year, makes 2020 the company’s most acquisitive year yet. The purchase of Keane’s software and consulting services deepens Sovos’ footprint in the unclaimed property compliance market, as states turn to these revenue streams to […]

Read More
July 7, 2020
Sovos Acquires U.K.-Based VAT Managed Services Company Accordance

Global tax software provider Sovos today announced it has acquired Accordance, a U.K.-based value-added tax (VAT) managed services company. Accordance has been a Sovos partner since 2018 and has implemented Sovos VAT Reporting software to provide technology-enabled compliance services to its clients. The acquisition comes at a critical moment for VAT countries, where businesses face a range […]

Read More
Sales & Use Tax United States
June 24, 2020
Sovos “2020 State of Sales and Use Tax Report” Shows Governments Outpacing Businesses in Implementing Technology, Driving Change

Global tax software provider Sovos today issued its annual “State of Sales and Use Tax” report focusing on the trends, impediments and technology facing organizations as they try to solve sales tax issues in a post-Wayfair economy. The report focuses on the here-and-now of sales tax compliance, examining trends in nexus laws and regulations, and how economic circumstances brought […]

Read More
ShipCompliant
June 15, 2020
Brewing Industry Sees 43% Drop in Product Registrations

Brewers are bringing fewer new products to market amid coronavirus concerns and a slowing economy, according to Sovos ShipCompliant label registration data for the months of April and May 2020, indicating these producers are doubling down on their existing product lines. Overall, producers and wholesalers in the beer, wine and spirits business registered 16,164 products through Sovos […]

Read More