Binance has introduced new crypto deposit and withdrawal rules for users in India, starting June 22. Users will need to provide more personal information for crypto transfers. These changes are intended to comply with local regulations and align with India’s implementation of the Financial Action Task Force (FATF) Travel Rule. Now, anyone making crypto deposits or withdrawals must give detailed information about the sender or recipient for each transaction.
With the new rules, Binance users who withdraw crypto to another exchange or wallet must give the beneficiary’s name, location, and, if needed, the name of the receiving exchange. Transfers between accounts owned by the same person on different exchanges need less information but still require identifying the destination platform.
Incoming deposits have even stricter requirements. Users who receive crypto from outside sources must provide details about the sender, including their identity, address, and identification numbers such as a PAN or national ID.
Binance clarified that these changes only affect cryptocurrency transfers. Users who just trade, hold, or invest on Binance without moving assets in or out will not see any changes to their account activity.
This update shows India’s stricter approach to the FATF Travel Rule. While many countries apply these rules only to larger transactions, India now requires compliance for all crypto transfers, regardless of size.
Binance is registered with India’s Financial Intelligence Unit and must follow anti-money laundering rules under the Prevention of Money Laundering Act. The company faced regulatory scrutiny before it received full registration in India.
Other Indian exchanges like WazirX and CoinDCX have already put similar rules in place. Binance’s changes now align its procedures with the standards that are becoming common in India’s crypto market.
Industry experts expect more compliance measures as Indian authorities keep tightening rules on digital assets through taxes, reporting, and anti-money laundering laws. For users, these new steps may add some extra work, but they are likely to become standard for crypto transfers in the future.
Source: Binance.com
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