Policy · Financial Services

Binance tightens compliance for India users

By Startup Enthusiast · 23 June 2026

What they do

Binance is a global cryptocurrency exchange platform

It now requires Indian users to submit sender and beneficiary details for all crypto deposits and withdrawals

The move aligns with India's FATF Travel Rule and FEMA, amid heightened regulatory scrutiny

Binance implemented new compliance procedures for its India users.
Users must now submit sender and beneficiary information for all crypto deposits and withdrawals.
The new rules took effect in the week of 23 June 2026.
Required details include full name, geographic region (country, town or city), and PAN details for any amount of crypto sent or received.
Details are needed for beneficiaries when sending crypto to users inside or outside Binance.
Details are needed for senders when receiving assets from wallets inside or outside Binance.
Users see pop-up prompts in the Binance interface to enter information for pending inbound and outbound crypto transactions.
Collected originator and beneficiary information is used for transaction monitoring, risk assessment, and standard AML (anti-money laundering) protocols.

The changes align with the FATF Travel Rule and FEMA (Foreign Exchange Management Act) in India.
Binance halted India operations in late 2023 after a finance ministry crackdown on foreign exchanges not registered with the FIU (Financial Intelligence Unit).
Binance restarted India operations in August 2024 after registering with the FIU.
The week before 23 June 2026, the Enforcement Directorate searched premises of five Bengaluru-based platforms for alleged unauthorised cross-border transfer of money via cryptocurrencies.
Central government officials told a parliamentary standing committee in May 2026 that virtual digital assets (VDAs) are high risk, citing money laundering, trafficking, and suspicious crypto transactions.

Binance is a global cryptocurrency exchange platform.
It allows users to buy, sell, trade, and store various cryptocurrencies.
The platform offers services including spot trading, futures, staking, and a wallet.
Binance makes money through trading fees, withdrawal fees, and other service charges.
It operates in many countries and has millions of users worldwide.
The new compliance procedures apply to all crypto deposits and withdrawals on Binance.
Binance will offer a secure address book feature to save beneficiary details for repeated transactions.