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- Binance now asks Indian users for counterparty details on deposits and withdrawals.
- The update follows India’s wider Travel Rule checks for crypto transfers of all sizes.
- Users must complete the new prompts before sending funds or clearing crypto deposits.
Binance began enforcing new crypto transfer checks for Indian users on June 22, 2026, adding mandatory counterparty details to deposits and withdrawals. The exchange said the update follows local rules. It first announced the change to users on June 19.
The process applies when customers send or receive crypto. It does not affect users not moving crypto. Binance said the rollout will be gradual to support Indian compliance.
Each deposit or withdrawal opens a prompt in the flow. It asks users to enter details about the counterparty. It can proceed after required fields are filled.
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Binance Explains New Transfer Data Rules for India
For withdrawals, users must name the beneficiary. They must also provide the person’s country and city or town. The receiving crypto exchange must be listed when another platform is involved.
The requirement is lighter for self-transfers to another exchange. In that case, Binance only asks for the receiving exchange’s name. This applies when the sender and beneficiary are the same user.
Deposit checks ask for more information. A pending incoming transfer must be opened from the crypto deposit page. Users then submit sender details before the deposit can clear.
Details include the sender’s full name and PAN or National ID number. Users must enter country, state, city, PIN code, and full address. Binance listed them in the deposit process.
The company said the rules apply only to crypto transfers. Spot trading and account access were not listed as affected areas. Users who avoid deposits and withdrawals do not need action.
The update follows India’s enforcement of the FATF Travel Rule. The rule requires virtual asset firms to collect originator and beneficiary details. It supports anti-money laundering checks on crypto transfers.
India applies the rule more broadly than many markets. It requires these details for transfers of all sizes. FATF guidance recommends the rule for transfers above $1,000.
Binance Aligns India Transfers With FIU Compliance Rules
Binance is registered with India’s Financial Intelligence Unit as a reporting entity. That status places it under the Prevention of Money Laundering Act. It also creates local anti-money laundering duties.
The exchange secured its FIU-IND registration in August 2024. Before that, Indian authorities fined it Rs 18.82 crore for compliance violations. The latest update reflects obligations tied to registration.
Local exchanges had moved earlier on similar requirements. WazirX and CoinDCX had collected originator and beneficiary data from users. Binance’s change brings its Indian process closer to domestic standards.
For users, the change adds steps, not a trading ban. The platform will ask for information during the transfer journey. Users must complete the form before sending funds or clearing deposits.
The added checks show India’s tighter crypto oversight. The country already applies a 30% tax on Virtual Digital Asset gains. It also levies 1% TDS on transfers.
The Binance update adds stricter documentation for asset movement. It fits a wider compliance push by Indian regulators. Exchanges operating in India are adjusting their local systems to match those demands.
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