Binance: Major changes in Crypto Deposit and Withdrawal for India

[eaLiTy]

I have got an email regarding major changes to crypto deposits and withdrawals from Binance. Anyone here got any notification from them ?
 
I hope Binance will ask the same questions regarding the source of funds as CoinSwitch does when you deposit crypto all the time. All you need to do there is fill out a form that pops up and it is instantly credited. From what I understand, Binance's process might be similar, and I hope it will not be a hassle.

I hope Binance won't freeze crypto withdrawals for us in the future, like the rest of the exchanges here.

Here is the screenshot of the email sent to me by Binance

[Cointikka]

I stopped using Binance and other exchanges that had asked me to do KYC long back, so I won't know about this email you received. I use a local exchange occasionally, last year I used it to convert some of my assets to fiat, and I remember they asked me where I received those funds. I was a pop-up; it had 5 or 6 choices. I selected one, and the crediting was done instantly. It is still a pain to tell the earning source to the exchange, which ultimately will go to the government. I remember sometime back there were discussions here on the local board that it is easier to use a crypto casino to convert crypto to fiat in India than an exchange. Do not remember where it was here or in some global board.

[pawanjain]

I have got an email regarding major changes to crypto deposits and withdrawals from Binance. Anyone here got any notification from them ?
 
I hope Binance will ask the same questions regarding the source of funds as CoinSwitch does when you deposit crypto all the time. All you need to do there is fill out a form that pops up and it is instantly credited. From what I understand, Binance's process might be similar, and I hope it will not be a hassle.

I hope Binance won't freeze crypto withdrawals for us in the future, like the rest of the exchanges here.

snip

I am not regularly using Binance and so not aware of this notification from them.
May be the FIU is pressurizing Binance to ask for source and destination of the funds.
Currently Binance already asks for the source of funds if the amount is greater than $500.
So I guess they will just implement the same thing for all deposits, not sure though. Let's see how it goes.

[JSRAW]

Coindcx does the similiar thingy like usual pop up regarding origin, usecase etc so this binance one won't be any different.

It shouldn't affect majority of users but bit of delay and more scrunity if you are high roller and dealing in lacs and crore with every other transactions.

[IIrik11]

I stopped using Binance and other exchanges that had asked me to do KYC long back, so I won't know about this email you received. I use a local exchange occasionally, last year I used it to convert some of my assets to fiat, and I remember they asked me where I received those funds. I was a pop-up; it had 5 or 6 choices. I selected one, and the crediting was done instantly. It is still a pain to tell the earning source to the exchange, which ultimately will go to the government. I remember sometime back there were discussions here on the local board that it is easier to use a crypto casino to convert crypto to fiat in India than an exchange. Do not remember where it was here or in some global board.

i don't think/know any casino that converts fiat to crypto and vice versa,,

all the casinos i play at usually offer the same withdrawal option as the one u used for deposit

as for no kyc, ur right about that ppl i know who trade a lot use either f2f or cdm

[Bitcoin Smith]

I stopped using Binance and other exchanges that had asked me to do KYC long back, so I won't know about this email you received. I use a local exchange occasionally, last year I used it to convert some of my assets to fiat, and I remember they asked me where I received those funds. I was a pop-up; it had 5 or 6 choices. I selected one, and the crediting was done instantly. It is still a pain to tell the earning source to the exchange, which ultimately will go to the government. I remember sometime back there were discussions here on the local board that it is easier to use a crypto casino to convert crypto to fiat in India than an exchange. Do not remember where it was here or in some global board.

i don't think/know any casino that converts fiat to crypto and vice versa,,

all the casinos i play at usually offer the same withdrawal option as the one u used for deposit

as for no kyc, ur right about that ppl i know who trade a lot use either f2f or cdm

I guess, Stake used to offer that or still does but it is only for the high ranking players like would take millions of dollars in wagering to ensure that the account is not used by some random person to launder the money. But casinos is not really the place to convert crypto to fiat or vice versa.

As you said p2p is the better way for most of the crypto users in India, the only thing they have to keep in their mind is use the bank deposit mode for safety from bank freeze issue.