If you are tax resident in South Africa, SARS taxes your worldwide crypto disposals, including trades on an offshore exchange like Binance. Where the exchange is based does not change what you have to declare. Selling, swapping one coin for another, or spending crypto on Binance is a disposal, and every one needs a rand value and a base cost.
Whether a gain counts as revenue or capital depends on how and why you trade, and the annual exclusion applies across all your assets, not per exchange. That, together with FIFO base cost and record-keeping, is covered in our guide to how SARS taxes crypto in South Africa. What follows here is the Binance-specific part: creating a read-only API key, exporting your transaction records, and what Coinfig does with them.
Connect Binance with a read-only API key
Coinfig has a direct Binance API connection. Binance only lets you create a key once your account meets three conditions: two-factor authentication (2FA) is on, you have made a deposit of any amount to your Spot account, and your identity verification is complete.
- On the Binance website, go to Profile, then Account, then API Management. In the app, the same page is under More, then Others, then API Management.
- Click Create API and choose System-generated.
- Give the key a label and confirm with your 2FA device or passkey.
- Leave Enable Reading as the only permission. Binance only allows Enable Reading on a key without an IP restriction, which is exactly what Coinfig needs.
- Copy the API key and the secret key, then paste both into Coinfig when you add Binance as a source.
Official guide: How to create API keys on Binance
How to export your Binance transaction history
The API covers recent history well, but Binance keeps only limited trade history behind it. If you traded on Binance before that, add a transaction records export as well.
- Log in on the Binance website and go to Assets, then Asset History.
- Hover over the export icon and click Export Transaction Records.
- For the last six months, pick one of the ready-made ranges. For anything older, click Customize and set your own dates.
- Choose the account and the coins to include, then click Generate.
- Binance sends an SMS or email when the file is ready. Go back to Export Transaction Records and click Download.
Binance limits how many statements you can generate each month, and the download link expires seven days after the file is ready, so download each one promptly. Cover your full Binance history from your first deposit, not only the current tax year.
Official guide: How to generate transaction history
What to declare to SARS from Binance
- Every disposal, including crypto-to-crypto swaps, at its rand value on the day.
- Base cost for each coin you disposed of, which may come from a purchase on another exchange.
- Rewards such as staking or earn products, as income at their rand value when received.
- Transfers between Binance and your other accounts, documented so they are not counted as sales.
How Coinfig handles Binance
- Imports trades, deposits, withdrawals and fees through the read-only API, or from your Binance export files.
- Converts every amount to rand at the time of the transaction.
- Works out base cost with the FIFO method across Binance and every other source you add.
- Matches Binance withdrawals to deposits on Luno, VALR or your own wallets, so moving coins to yourself is not read as a sale.
- Runs a completeness check that flags gaps, such as older history the API did not return, before you rely on the figures.
Coinfig is a calculation and reporting tool, not a tax adviser. For complex treatment questions, have a qualified practitioner review the output.
Frequently asked questions
Is Binance taxed differently because it is offshore?
No. Tax residency decides your obligation, not where the exchange is based. South African tax residents generally declare worldwide crypto gains. The practical difference is converting foreign currency and stablecoin values to rand, and matching transfers to your local exchanges.
Why does Coinfig only need Enable Reading?
Coinfig only reads your history. Enable Reading lets the key view your account without trading or withdrawing, and it is the only permission Binance allows on a system-generated key without an IP restriction.
Do I still need a CSV export if I connect the API?
Possibly. Binance keeps only limited trade history behind its API. If you traded on Binance years ago, add a transaction records export that covers the early period, and the completeness check will show whether anything is still missing.
I bought on Luno and sold on Binance. What do I add?
Add both. The base cost of what you sold on Binance comes from the purchase on Luno, and the transfer between them has to be matched. See the Luno tax report guide for the Luno side.
Get started on Coinfig to connect Binance via read-only API or upload your export, check for gaps, and generate the figures for your return.
This article is general information, not tax advice. Crypto tax outcomes depend on your specific circumstances. For complex situations, consult a qualified tax practitioner.