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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.
New Crypto Transfer Rules for Indian Users
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.
What Won’t Change?
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.
Why India Is Tightening Rules
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.
The End of Anonymous Crypto 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.