Leading cryptocurrency exchange Binance has announced the launch of a tax estimating tool that will help users stay on top of their cryptocurrency transactions for tax reporting purposes.

Potential buyers have been inquiring about purchasing embattled cryptocurrency lender Hodlnaut and its claims against the collapsed cryptocurrency exchange FTX. Various parties are reportedly interested in the acquisition.

Collapsed cryptocurrency exchange FTX is asking political figures and groups to return donations linked to the platform’s former CEO Sam Bankman-Fried, and other FTX executives by the end of the month.

 Top stories in the Crypto Roundup today:

• Binance Launches Crypto Tax Estimator
• Potential Buyers Inquire About Purchasing Embattled Crypto Lender Hodlnaut
• FTX Debtors Move to See Political Donations Returned
• Order Book Activity Following the FOMC’s February Rate Hike

Binance Launches New Crypto Tax Estimator

Leading cryptocurrency exchange Binance has announced the launch of a tax estimating tool that will help users stay on top of their cryptocurrency transactions for tax reporting purposes.

The tool, Binance Tax, lets its users download a tax summary report, which includes any gain or losses which have occurred throughout the year in their Binance account. The data includes spot trades, cryptocurrency donations, and rewards from blockchain-based forks.

According to Binance, the new tool is being launched in response to a growing number of user inquiries regarding their tax liabilities, and is currently in a pilot phase in France and Canada, before it rolls out to other markets.

While the tool is currently only available for information on Binance, the firm says it’s looking to integrate it with other platforms in the industry in the future. It’s worth noting that other exchanges, including Coinbase, offer similar solutions.

Potential Buyers Inquire About Purchasing Embattled Crypto Lender Hodlnaut

Potential buyers have been inquiring about purchasing embattled cryptocurrency lender Hodlnaut and its claims against the collapsed cryptocurrency exchange FTX. Various parties are reportedly interested in the acquisition.

The judicial managers overseeing the company are in the process of entering into non-disclosure agreements with potential investors. As of December 9th, documents seen by Bloomberg show that the Hodlnaut Group owed a total of $160.3 million, or 62% of outstanding debt, to Algorand Foundation, Samtrade Custodian, S.A.M. Fintech, and Jean-Marc Tremeaux.

The cryptocurrency lender halted withdrawals in August 2022 amid last year’s cryptocurrency market rout. FTX accounted for around 72% of the digital assets the platform deployed on centralized exchanges.

Last month, the key creditors of Hodlnaut rejected a restructuring plan and instead expressed their preference for liquidating the company.

FTX Debtors Move to See Political Donations Returned

Collapsed cryptocurrency exchange FTX is asking political figures and groups to return donations linked to the platform’s former CEO Sam Bankman-Fried and other FTX executives by the end of the month.

FTX has announced that it is sending confidential notices to political figures, political action committees, and other recipients of contributions and payments. The crypto exchange filed for bankruptcy protection in November after a run on deposits revealed it didn’t have customers’ funds.

According to court documents filed in January, the FTX debtors are reviewing $93 million in political donations made between March 2020 and November 2022. Some groups have already taken steps to return the funds.

In December, the Democratic National Committee and its major Senate and House campaign committees announced that they would hold aside over $1 million in cash associated with FTX and return it following the guidance of bankruptcy lawyers.

Order Book Activity Following the FOMC’s February Rate Hike

The Federal Reserve's modest interest rate increase to 4.75% led to an increase in the overall digital asset market.

On Binance, CryptoCompare’s data shows that the BTC-USDT pair’s bid-to-ask ratio rose from 67.6% to 74.1% after the FOMC conference, indicating robust buying interest.

State of the Crypto by Top Tier Exchange Volume

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