- Binance now requires Indian users to share sender and recipient details for all crypto transfers from June 22.
- India’s strict Travel Rule may apply to every crypto transfer, expanding compliance beyond global FATF thresholds.
- Binance joins local exchanges in tightening verification as India increases oversight of crypto transactions.
Binance has introduced new crypto transfer requirements for Indian users, asking them to provide additional identity details when depositing or withdrawing digital assets from June 22, 2026. The change comes as India continues to tighten oversight of cryptocurrency transactions and strengthen measures against financial crime.
The exchange said users must now share information about the sender or recipient before completing crypto transfers on the platform. The updated process applies to deposits and withdrawals and follows India’s anti-money laundering rules for cryptocurrency service providers.
Binance Expands User Verification Requirements
Binance announced the changes on June 19, giving Indian users time to prepare before the new transfer rules took effect. The updated process applies only to crypto deposits and withdrawals, so users who do not move digital assets do not need to provide any additional information.
For crypto withdrawals, Binance now requires details about the person or platform receiving the funds. The information may include the recipient’s name, country of residence, city, and the name of the receiving exchange, if applicable.
The same principle applies to incoming transactions. If you receive cryptocurrency from Binance, you will be required to submit information on the sender. Such information may include the sender’s name, Permanent Account Number (PAN), national identification information, address, and location.
The changes follow India’s adoption of the Financial Action Task Force’s Travel Rule, which requires crypto companies to collect information about people involved in digital asset transfers. The rule aims to help authorities track suspicious transactions and reduce risks linked to money laundering.
India has applied the requirement more broadly than many other countries. While FATF guidelines generally focus on transfers above $1,000, Indian rules require this information for crypto transfers of all sizes.
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Crypto Compliance Tightens Across India
Binance’s new transfer rules come after the exchange registered with India’s Financial Intelligence Unit as a reporting entity under the Prevention of Money Laundering Act. This means Binance must follow India’s requirements for customer checks and reporting suspicious transactions.
The exchange had earlier faced a Rs 18.82 crore penalty from Indian authorities over compliance issues. Binance later received FIU registration in August 2024, bringing its operations under India’s crypto regulatory framework.
Indian exchanges such as WazirX and CoinDCX had already introduced similar requirements to collect transaction details. Binance’s latest changes align its transfer process with the approach already followed by local crypto platforms.
Telegram Ban Raises Crypto Infrastructure Concerns
India’s crypto community also faced disruption after authorities blocked Telegram nationwide on June 16. The restriction aimed to stop exam-related fraud, but it also affected digital asset groups that use the platform for daily operations.
Many crypto users in India rely on Telegram for trading communities, automated tools, over-the-counter transactions, and TON-related services. The move showed how much of the crypto ecosystem depends on online platforms for communication and activity.
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