Binance, the world's largest cryptocurrency exchange, has implemented stricter compliance measures for its Indian users, effective June 22, 2026. This move aims to enhance transaction traceability and address regulatory concerns regarding the potential misuse of virtual digital assets for circumventing foreign exchange rules.
Under the new procedures, both crypto deposits and withdrawals now require users to provide detailed information about the originators and beneficiaries of transactions. For deposits, users must furnish the sender's full name, Permanent Account Number (PAN) or national ID number, country of residence, complete address, and PIN code. For withdrawals, users are required to provide the beneficiary's full name, country of residence, city or town, and the name of the receiving exchange, if applicable. These requirements are part of Binance's existing Travel Rule compliance framework and are intended to monitor transaction risks and ensure anti-money laundering (AML) compliance. The Travel Rule mandates that Virtual Asset Service Providers collect and share originator and beneficiary information for crypto transactions. This rule applies to all transfers, regardless of size, and is enforced under the Prevention of Money Laundering Act (PMLA), overseen by the Financial Intelligence Unit of India (FIU-IND). By adhering to these regulations, Binance aims to prevent the misuse of its platform for illicit activities and to comply with India's regulatory framework.
- BNB is a crypto in the CRYPTO market.
- The price is 563.07 USD currently with a change of -14.83 USD (-0.03%) from the previous close.
- The intraday high is 585.9 USD and the intraday low is 560.29 USD.