Crypto Myths – Debunked! Part 3: The Myth of Crypto Being Used For Tax Evasion | Binance Blog

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There is often a misconception about how crypto can be used for tax evasion. It's time to debunk this myth. Read on ⤵️

Binance is dedicated to improving the global understanding of blockchain and cryptocurrencies by making Web3 education accessible to all. Despite the excitement surrounding the subject, many people only have a superficial or non-existent understanding, which leads to many misconceptions and false beliefs.

Anyone at any time can examine the entire blockchain codebase using a block explorer, which is an online tool that enables you to see, among other data, all transactions ever made and their associated addresses. A new type of investigative discipline now sits at the intersection of computer science, economics, and forensics .

Since transactions are permanent in blockchain public ledgers, tax inspectors will have the ability to look backward for any unlawful or unreported transactions in previous years.

 

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what is the problem with evassion, taxation is robbery if my goberment can prove without any doubt that X wallets and funds in there are mine. ill will pay the taxes😂

The CFTC's lawsuit against CZ highlights the risks of non-compliance in crypto.

It's not that easy these days, I'd rather pay taxes than end up being hunted for tax evasion

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Let's clear the air: using crypto to evade tax is not only illegal, it's also impossible. All transactions are recorded on the blockchain and can be traced back to their source. Don't let misinformation lead you down the wrong path. cryptotax taxcompliance

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This is actually an excuse. Those why have the motive to evade tax they will, now they'll put into the accounts of crypto. The blame on crypto. You cannot change some people

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Cash is much easier for that, and less transparent than crypto.

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Totally agree let people educate themselves on this and not misuse crypto

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