Binance nightmare... How are you using Koinly to tackle Binance tx?

Koinly Support
#58

I’ve also paid for cryptotaxcalculator.io which also has a similar problem.
My main issue is incorrect final balances, which obviously means either double counting or not counting enough. the issue is all of these piece of software don’t let you accurate match and filter properly, like Xero for accounting.

The other issue that’s clear is that the binance data and format is either wrong or has a lot of issues with syncing via the API.

My issue now is, do I submit something to the tax authorities that i know is incorrect (i have too much balance) but that is roughly right for my trades, or do i wait for fixes in the software?

#5

Not exactly the same issues as you face but I discovered that imports from Binance CSV (ALL) was skipping entries that had different “operations” like “Transaction Related” or “Large OTC trading” entries (in my spot account) and maybe the same happens with the API import.

Perhaps not the same issue but If you haven’t verified those operations from the CSV it may be worth taking a look at.

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#24

I have the same issue. Have you solved it somehow?

#7

Any solution to this problem? Koinly is working to solve this? Thanks

#8

Any solution to this problem? Koinly is working to solve this BINANCE CHAIN? Thanks

#9

You most likely need to download and import the CSV files from Binance, manually. Go to Wallet > Transaction History > Generate All Statements. Once downloaded, import it on the wallet page on Koinly.

This was not enough to fix my issues though, I also had to import an XLSX file called “Export Deposit History” which I found in Wallet > Transaction History > Fiat > Deposit.

Koinly doesn’t seem to mention importing this second file but it fixed a lot of missing transaction for me. Now my only issue is some 0.1 USDT is missing. Also, for some reason, Koinly reports that my transaction imports show my balances to be double what they actually are. When I look at my wallet on Koinly, the balances are correct (due to API sync) but each currency has an exclamation point next to them, reporting that my calculated balances are double the value that they actually are.

Koinly is kinda working for me but I am hoping something smoother comes along soon, whether that be a Koinly update, a Binance API update or a competitor. I do not want to add every transaction manually, I would sooner pay a crypto tax expert to go through my statements.

6 Likes
#10

Thanks for detailing your methods.
I find Binance Bridge swaps transactions are missing and need manual transactions to remedy Missing Purchase History warnings.

#17

Did you figure out the solution to the double balance problem as I’m getting the same.

#22

Thank you Louis. Will give this a go. Exporting data from Binance doesn’t seem as straightforward as with Kraken (ref to your comment regarding deposits in to Binance ).
I Imported my Kraken Ledger (all transactions) to Koinly with no errors.

I dream of having a 0.1USDT discrepancy!

#11

It is a nightmare to use Koinly with Binance. If you are doing any sort of staking, then the coins are not reported at all.

1 Like
#23

Hi Jules,
I used Binance API recently. Binance Locked Staking reports interest each day and that interest doesn’t compound, it goes to your spot wallet. So when the API had completely the import, it registered a total of 1400+ transactions most of which are staking transaction to spot wallet!
I’ve only been with Binance since late March 2021!

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#13

The only way around this that I have found is to add every trade manually as I go along. It’s a bit of a mission - as Binance can break up one trade into several parts, however it’s the most sure way of keeping it tidy and correct.

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#14

many problems with binance. using api or csv both lead to multiple problems: mislabeling, missing info, redundancy. it’s useless if it requires a complete check and verify on every single transactions…

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#55

Yep, I’d second this! My Binance import data is way off. I have around 3000 transactions, including staking. No idea how to fix it and I can’t get any customer support from Koinly. If I’d known this I’d never had paid for a tax report from them! Now I’m stuck with them and can’t do my tax return! Funny not funny…

#15

I hope the new API from Binance and koinly will fix the problems of unrecognized transaction types

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#16

Have any news? I am using Binance and I have a problem with staking, earn , mining …

I tried to complete it manually adding the operations that not imported by API or CSV (but the balance is not equal never…)

Best regards!

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#18

I’m having the same issues. Koinly seems to work great with everything else - it does seem to be a pretty lame API on the Kraken side. I definitely had better luck importing all the CSV txns. Don’t even bother with the API until it gets fixed (or at least, improved).

Still, even with the CSV, the staking stuff is a mess. Staked coins have no history (no cost basis), so they will hose up cap gains stuff. Kraken actually moves the coins for staking (I see zero balances while staked), so it’s in a different internal wallet, which the CSV apparently does not account for.

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#19

I am having the same Issues, my account was fine with Binance until I started to mess around with isolated margins. Now the balances are well off, the API doesn’t import them. Importing margin alone on the download reports from binance seems to miss off some transactions, when you download full history and upload the CSV it causes duplication with the API because they batch trades differently.

More of a Binance issue, as I don’t have this problem with any other exchange I have used. Other’s have small errors of £1-5 I assume it’s from fee burns or rounding errors or whatever but I am happy to ignore those.

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#20

what I did was I got away from API and used the CSV, prob is that the CSV generates is only 4 a month and only in 3month time slots, so like me who been in since 2017, its gonna take months for me to get the CSV uploaded to Koinly but I then found a mix of API and CSV worked.
I mean I make trades and I’m still waiting for my next month to download the CSV, thats all I know, and can say I know that after I used the only CSV it seems to be not so messy hope that helps.
I’m not a tax expert just a guy.

1 Like
#21

Well I just signed up to Koinly on a professional plan and sync’d my Binance wallet and have discovered MANY missing transactions (not margin related) … including over an entire months worth (the account was only setup in DEC '20)

I signed up as Binance was plugging Koinly so assumed it would work well. I’ve reported this to support, I’m hoping they can provide a recommended way to move forward on this.

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