Binance India Users Face New Crypto Transfer Rules From June 22

Starting June 22, Binance will require Indian users to provide detailed sender and receiver information for every crypto deposit and withdrawal. The rule applies to transfers involving external wallets or other exchanges.

For withdrawals, users must list the beneficiary's full name, country, city, and the receiving exchange if applicable. For deposits, the sender's PAN or national ID, address, and residence details are required. The requirements hold regardless of transaction size.

The update brings India's crypto rules in line with the global Travel Rule, a standard already adopted in Europe, Japan, and Singapore. It falls under India's Prevention of Money Laundering Act and FIU-IND guidelines.

Until now, moving crypto between wallets often required minimal personal data. This pushes the process closer to conventional wire transfers.

Transactions within Binance – buying, selling, holding, swapping – do not require extra information. Fiat deposits and withdrawals are unaffected.

June 22 is the compliance deadline. Users who haven't updated their beneficiary details by then may face transfer delays.