Binance has rolled out a major policy change for its Indian users, effective June 22, 2026. Every cryptocurrency deposit and withdrawal now requires complete identity information for both the sender and the recipient. There is no minimum amount — a transfer of ₹200 and one of ₹20 lakh face the same requirements.
What the New Rules Cover
For deposits, the sender must provide their full name, PAN card or national ID number, home address, and location. For withdrawals, users must submit the recipient's full name, city, country, and the receiving platform's name if applicable. All fields are mandatory; the transfer cannot proceed without them.
Spot trading inside Binance remains untouched. Buying and selling within the platform work exactly as before. The new rules apply only when funds move in (deposit) or out (withdrawal).
Why the Change? The FATF Travel Rule Comes to India
Binance is not acting alone. India has adopted the FATF Travel Rule, an international anti-money laundering standard that requires crypto exchanges to collect and pass along sender and receiver identity details with every transaction. India enforces this under the Prevention of Money Laundering Act, overseen by the Financial Intelligence Unit India (FIU-IND). Registered platforms now carry the same KYC and AML obligations as banks.
What makes this stricter than typical banking rules is the lack of any threshold. Banks usually trigger AML checks above a certain value. Binance's new requirement applies to every single transfer, no matter how small. Each transaction must link back to a verified real person.
Impact on Regular Users
If you mainly trade within Binance and rarely send crypto elsewhere, your daily routine stays almost the same. But if you frequently send crypto to external wallets, receive funds from other exchanges, or transfer tokens to someone else, the process becomes significantly heavier.
Collecting a counterparty's name, national ID, and address before each transfer is unfamiliar for most users. Peer-to-peer transfers feel this the most. Recipients often don't know what details to share or are unwilling to share them. For businesses handling payments or managing digital asset treasury, this is no longer optional bookkeeping. Documenting counterparty information for every transfer is now a legal compliance requirement.
India's Regulatory Roadmap: From Tax to Travel Rule
India has been building this framework since 2022. First came the 30% tax on gains and the 1% TDS on transactions. Then mandatory FIU-IND registration for exchanges — platforms that ignored it were blocked. The Travel Rule is the latest brick in that wall.
India no longer treats crypto as a special category with looser rules. It is being brought fully in line with the transparency standards that banks and payment processors have followed for years. Other FIU-IND registered exchanges are expected to introduce the same requirements soon. Completely anonymous transfers through any regulated Indian platform are effectively over.
Three Steps to Take Now
First, check that your Binance KYC is current — PAN, address, and contact details should all be up to date. Second, before your next deposit or withdrawal, have the other party's details ready. For deposits: sender's name, ID, and address. For withdrawals: recipient's name, city, country, and platform. Third, if you handle business transactions, build a simple process for collecting counterparty information, the same way you would for a bank transfer. Doing it consistently from the start is far easier than going back to fix records later.