Binance has officially implemented updated crypto deposit and withdrawal procedures for its Indian users, effective today, June 22, 2026. The changes, first announced on June 19, require users to submit additional personal information when sending or receiving crypto on the platform.
The exchange stated that the move is being made “in adherence to local regulatory requirements” and will be rolled out gradually to ensure continued compliance with Indian laws.
What changes for Indian users?
Under the new rules, every crypto withdrawal and deposit on Binance will now trigger a pop-up prompt asking users to fill in specific details about the counterparty involved in the transaction.
For withdrawals (sending crypto from Binance to another exchange or a self-hosted wallet), users will be required to provide the beneficiary’s full name, country of residence, city or town, and the name of the receiving crypto exchange, if applicable. However, if users are transferring assets to themselves on another exchange, only the name of the receiving exchange needs to be submitted.
For deposits (receiving crypto into a Binance account from an external source), the requirements are more extensive. Users will need to navigate to the crypto deposit page, click on pending transactions, and then provide the sender’s full name, Permanent Account Number (PAN) or National ID number, country of residence, state, city or town, PIN code, and full address.
It is important to note that these changes only apply to crypto transfers. Users who are not performing deposits or withdrawals will not be affected in any way.
Why is this happening?
The update aligns with India’s implementation of the FATF Travel Rule, which requires Virtual Asset Service Providers to collect and share originator and beneficiary information for crypto transactions. India has been enforcing a stricter version of this rule compared to most global jurisdictions, applying it to transfers of all sizes rather than only those above the FATF-recommended threshold of $1,000.
Binance, which is registered with the Financial Intelligence Unit of India (FIU-IND) as a reporting entity under the Prevention of Money Laundering Act (PMLA), is obligated to comply with these anti-money laundering requirements. The exchange was previously fined Rs 18.82 crore by Indian authorities for compliance violations before securing its registration in August 2024.
Indian crypto exchanges such as WazirX and CoinDCX had already started collecting similar originator and beneficiary details from their users in earlier phases of Travel Rule enforcement. Binance’s latest update brings the offshore exchange in line with the same standard.
What should users do?
The process is straightforward. Users will see a pop-up window during the withdrawal or deposit flow, and they simply need to fill in the required fields before the transaction can proceed. No action is needed from users who do not engage in crypto transfers on the platform.
Binance noted in its announcement that the changes are subject to amendment at any time and advised users to refer to the original English version of the notice for the most accurate details.
With the Indian government continuing to tighten its grip on crypto compliance, from the flat 30% tax on Virtual Digital Asset gains to the 1% TDS on transfers and now expanded Travel Rule enforcement, users operating on any exchange in India should expect more such procedural updates in the months ahead.
Also Read: WazirX at 8% Market Share, 15% User Funds Still Locked as Nischal Pushes AI & Futures
