Sending crypto from Binance in India is about to become much more like sending money through a bank. Starting June 22, Binance will require Indian users to provide detailed information about the sender and receiver for all crypto deposits and withdrawals.
The move is part of India’s tightening crypto compliance framework and could significantly change how users move digital assets between exchanges and private wallets.
Under the new rules, every crypto transfer involving an external wallet or another exchange will require additional information.
For crypto withdrawals, users must provide details about the beneficiary, including their full name, country of residence, city, and the name of the receiving exchange if applicable.
For crypto deposits, users must provide information about the sender, including their full name, PAN or national ID number, address, residence details, and location information.
Importantly, the requirements apply regardless of transaction size.
The new requirements only apply when crypto is moved into or out of Binance through external wallets or other platforms.
Users who simply buy, sell, hold, or trade crypto within Binance will not need to provide any additional information.
The update also has no impact on fiat deposits, withdrawals, or internal Binance transactions.
The update is designed to comply with India’s anti-money laundering regulations under the Prevention of Money Laundering Act (PMLA) and Financial Intelligence Unit-India (FIU-IND) requirements.
More importantly, it reflects the implementation of the global “Travel Rule,” a standard already adopted across major financial centers including Europe, Japan, Singapore, and South Korea.
Meanwhile, the rule requires crypto exchanges to collect information about both parties involved in digital asset transfers, similar to how banks handle wire transfers.
For years, crypto’s appeal partly came from allowing users to move assets with minimal personal information. Regulators worldwide are now moving in the opposite direction.
India’s latest requirements suggest crypto is becoming more integrated into the traditional financial system, but at the cost of greater privacy.
For Binance users, June 22 is more than a compliance deadline. It marks the beginning of a new era where crypto transfers increasingly resemble traditional banking transactions.
CoinPedia has been delivering accurate and timely cryptocurrency and blockchain updates since 2017. All content is created by our expert panel of analysts and journalists, following strict Editorial Guidelines based on E-E-A-T (Experience, Expertise, Authoritativeness, Trustworthiness). Every article is fact-checked against reputable sources to ensure accuracy, transparency, and reliability. Our review policy guarantees unbiased evaluations when recommending exchanges, platforms, or tools. We strive to provide timely updates about everything crypto & blockchain, right from startups to industry majors.
All opinions and insights shared represent the author's own views on current market conditions. Please do your own research before making investment decisions. Neither the writer nor the publication assumes responsibility for your financial choices.
Sponsored content and affiliate links may appear on our site. Advertisements are marked clearly, and our editorial content remains entirely independent from our ad partners.
The Mantle ecosystem is expanding in a direction that its token price simply isn't reflecting.…
ALGO price has spent most of the past two months on the defensive, sliding roughly…
Strategy, formerly known as MicroStrategy, endured a bruising second quarter, yet the company wasted little…
Stablecoin demand is showing signs of weakening even as Bitcoin continues to trade above $60,000.…
Bitcoin, the pioneer cryptocurrency that was created to be digital money, is now failing to…
Cardano price jumped over 6% this week as whale accumulation accelerated and on-chain activity flashed…
