Crypto tax reporting app Binocs helps users navigate regulations



Binocs, a cryptocurrency exchange that integrates exchanges and wallets, provides tax information and accounting details. The startup is currently tax compliant in the U.S., U.K., Australia, South Africa and India. With a blended tax of about 20%, the overall tax liability is about $70 billion. Binocs is expected to expand to 300 million users by the end of this year.




Keeping up with tax compliance for cryptocurrency can be tricky, especially since many laws are new (or haven’t been written yet).


That’s why Binocs was founded.


Users integrate their exchanges and wallets, and Binocs provides a tax report and other accounting details.


The startup announced today that it has raised $4 million to expand in markets like the United States, United Kingdom and Australia.


The round was led by BEENEXT and Arkam with participation from Accel, Saison Capital, Premji Invest, Blume and Better Capital.Founded in May 2022 by Tonmoy Shingal and Pankaj Garg and based in Bangalore, Binocs currently has over 1,000 users, including retail and institutional investors who need to perform forensic accounting and risk management.

ラウンドはBeNextとArkamが主導し、Accel、Saison Capital、Premji Invest、Blume、Better Capitalからの参加を行いました。2022年5月にTonmoy ShingalとPankaj Gargによって設立され、Binocsは現在、小売や施設を含む1,000人以上のユーザーがいます。法医学会計とリスク管理を実行する必要がある投資家。

Binocs is currently tax compliant in the U.S., U.K., Australia, South Africa and India, with plans to add more markets next month.


Part of the funding will be used for product development and Binocs’ go-to-market teams for retail and institutional investors.Binocs can provides tax report in less than 30 minutes.


It also tracks return on investment, profits and losses and capital exchanges, as well as taxes for derivatives, lending and borrowing across CeFi and DeFi.


The app can give users details on fees and tax deducted at source already paid on transactions so they understand how much taxes they need to pay.Binocs founders Tonmoy Shingal and Pankaj GargShingal told TechCrunch that Binocs is meant to be a bridge connecting transactions on the blockchain to the “web2 equivalent compliance world,” especially as the number of coins, exchanges, types of trade and DeFi protocols increase.There are currently about 300 million crypto users, and that is expected to hit about 1 billion by the end of this year.Binocs’ founders point to figures from the Coin Market Cap that say the total market cap of the crypto industry rose from about $325 billion in in September 2020 to $1 trillion in September 2022. With a blended tax of about 20%, the overall tax liability is about $70 billion, a number that can increase to $300 billion by 2026.Shingal, the startup’s CEO, said crypto hedges and investment funds often run with a small number of staff, and the process of calculating tax and performing compliance is time-consuming because they have to pull data from multiple sources, merge it and then adhere to different compliance and reporting regulations for each type of transaction.“The traditional approach is to collate and interpret the blockchain exchange ledgers manually.

このアプリは、ユーザーが取引に対してすでに支払われたソースで控除された料金と税の詳細を提供することができます。そのため、彼らは支払う必要がある税金を理解しています。 「Web2等価コンプライアンスの世界」、特にコイン、交換、貿易プロトコルの種類の数が増加しているため、現在約3億人の暗号ユーザーが増えており、今年の終わりまでに約10億人に達すると予想されます。 .binocsの創設者は、暗号産業の総時価総額が2020年9月の約3250億ドルから2022年9月の1兆ドルに増加したと言っているコイン時価総額の数値を指摘しています。責任は約700億ドルで、2026年までに3,000億ドルに増加する可能性があります。SthingupのCEOであるShingalは、Crypto HedgesとInvestment Fundが少数のスタッフとしばしば実行されると述べました。税の計算とコンプライアンスの実行は、複数のソースからデータを引き出し、マージしてから、各タイプのトランザクションの異なるコンプライアンスと報告規則に準拠する必要があるため、時間がかかります。 。

Doing which requires significant time, sophisticated knowledge about crypto transactions, local regulations,” Shingal said.


“This task is time consuming and prone to errors, which could be costly.”He added that regulations are one of the biggest obstacles to more adoption of crypto, with about 15 to 20 countries that currently tax crypto investments, and 60 to 70 that will in the future.Binocs also plans to build more apps on top of its algorithm as it gets more data.


“We think of ourselves as a data company that understands what is going on in crypto transactions and build applications for multiple use cases on top in the future,” Shingal said.Binocs is currently pre-revenue, and will monetize by operating on a freemium model, as well as an enterprise plan for business investors.Binance CEO sees positive progress for crypto regulation, but it will be a ‘long process’




Crypto tax reporting app Binocs helps users navigate regulations