Sending crypto between your own wallets is not a taxable event, and such transactions should therefore be classified as internal transfers to avoid realizing gains on them. Luckily, Coinpanda has a built-in algorithm that will identify and automatically classify internal transfers after you have connected all exchange accounts and wallets.
Example
You are sending 5 ETH from Coinbase to Binance and pay a 0.01 ETH fee for the transaction. These transactions will first be imported as 5 ETH Send (Coinbase) and 5 ETH Receive (Binance), but will automatically be merged into a single Transfer transaction since Coinpanda understands that this is an internal transfer. This is how the transaction will appear on the Transactions page:

The following conditions must be true for Coinpanda to identify the transaction as an internal transfer:
The time difference between Send and Receive can be 12 hours maximum
The Receive transaction must have a timestamp after the Send transaction
The amount received must be at least 80% of the amount sent
The amount received cannot exceed the amount sent
The transaction hash cannot be different for both transactions
Let's look at a few examples:
1 BTC Sent (Aug 20, 2021, 08:00) and 1 BTC Received (Aug 20, 2021 19:00)
→ The time difference exceeds 12 hours, hence the transaction won't be identified as an internal transfer by violating rule 1.
1 BTC Sent (Aug 20, 2021, 08:00) and 1 BTC Received (Aug 20, 2021 07:50)
→ The timestamp for the Receive transaction is before the Send transaction. This is a violation of rule 2.
1 BTC Sent (Aug 20, 2021, 08:00) and 0.5 BTC Received (Aug 20, 2021 10:00)
→ The amount received is less than 80% of the amount sent. This is a violation of rule 3.
1 BTC Sent (Aug 20, 2021, 08:00) and 1.2 BTC Received (Aug 20, 2021 10:00)
→ The amount received is more than the amount sent. This is a violation of rule 4.
1 BTC Sent (Aug 20, 2021, 08:00) and 0.95 BTC Received (Aug 20, 2021 10:00)
→ All rules are satisfied and the transaction will be identified as an internal transfer of 1 BTC + 0.05 BTC fee!
Troubleshooting
A Send and Receive is not identified as an internal transfer
If you have imported both a Send and Receive transaction and they are not merged into a single transfer, it means that at least one of the rules explained above is not satisfied. Please check carefully all transaction details again including the transaction hash saved. You can contact support if you believe there is an error on our side and we will look into it.
Either Send or Receive is missing
If either the Send or Receive transaction is missing, you can still classify the transaction imported as an internal transfer by clicking the three dots icon and then Mark as Transfer.

... the transaction type will now be changed from Receive to Deposit:

Note that you will see a warning saying "No matching withdrawal transaction found." You can safely ignore this message in this case.
Deposit and Withdrawal warnings
Transactions tagged as Deposit or Withdrawal are considered internal transfers, and do therefore not impact any of your tax calculations: if you see a Deposit and Withdrawal transactions that are not merged, it will not make any difference to your portfolio or capital gains that these are not merged.
You can safely ignore the "No matching withdrawal transaction found" and "No matching deposit transaction found".
August 28, 2021 - Important message
We are working on a few updates that will be released in the near future. This will include the possibility to manually merge two Deposit/Withdrawal or Send/Receive to an internal Transfer. The current ETA is September for this update to go live.