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.

[rohang]

Yea i got this email too, and i am kinda worried

They are harvesting our data and where we send or receive crypto from. Any transactions now with a personal wallet may lead to our holdings being traced

Will definitely stop using binance now, dont want to give all the data to govt indirectly, i am a very small fish but its not worth the risk to transact at binance anymore, sadly.

[BitDiscussion]

This is nothing new. Binance is one of the first exchange to imply the regulatory changes. They always want to be the first to comply with the government. This is just one of their initiatives to make sure there are no illicit fund activities on their platform. Binance knows, a single illegal transaction caught on their platform can make the government permanently ban the entire platform in our country. So I think Binance just wants to play safe here.

I am not using Binance anymore only because of these reasons. I would trust someone who thinks more about their users instead of the government because at the end, it is us who is generating revenue for them.

[Bitcoin Smith]

Yea i got this email too, and i am kinda worried

They are harvesting our data and where we send or receive crypto from. Any transactions now with a personal wallet may lead to our holdings being traced

Will definitely stop using binance now, dont want to give all the data to govt indirectly, i am a very small fish but its not worth the risk to transact at binance anymore, sadly.

What choice do we have, the government can make the lives of crypto users miserable so that we have to live with that or quit crypto and either way it is win for them. Binance is just trying to stay in the business and I am sure event ehy don't want such strict regulations that will also affect them in many ways because no company want a government is looking all their financial records.

[eaLiTy]

~
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 am not sure about this loophole. Even if it is available, there are chances that your bank account could be frozen, so I would stay away from this type of loophole.

~
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.

I never experienced any issues regarding funds in the past, even with bigger amounts. Now they are asking for some details regarding the funds and wallet ownership, but it's not much of a hurdle yet.

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.

Not a big high roller anymore after the implementation of higher taxes.

Yea i got this email too, and i am kinda worried

They are harvesting our data and where we send or receive crypto from. Any transactions now with a personal wallet may lead to our holdings being traced

Will definitely stop using binance now, dont want to give all the data to govt indirectly, i am a very small fish but its not worth the risk to transact at binance anymore, sadly.

It is not that hard to create multiple wallets. All they ask is whether you are sending funds from the wallets you own. You don't necessarily have to use the wallet that holds all your funds.

This is nothing new. Binance is one of the first exchange to imply the regulatory changes. They always want to be the first to comply with the government. This is just one of their initiatives to make sure there are no illicit fund activities on their platform. Binance knows, a single illegal transaction caught on their platform can make the government permanently ban the entire platform in our country. So I think Binance just wants to play safe here.

Binance is not the first exchange to comply with the government. After the local exchanges, KuCoin was the first offshore exchange to comply. Binance only implemented these changes after the government banned their app and website.

Two of my bank accounts were frozen because of funds received from Binance P2P, and the case has been ongoing for a couple of years.

[pawanjain]

~
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.

I never experienced any issues regarding funds in the past, even with bigger amounts. Now they are asking for some details regarding the funds and wallet ownership, but it's not much of a hurdle yet.

Well, it's not much of an issue as of yet but if and when the government starts sending income tax notices about our crypto investments to us then it might surely create an issue for many of us.
Right now I guess they are not implementing it strictly but Binance already shares the data with the government and so it's only a matter of time when the government sends out these notices to us.

[hasan5jan7]

~
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.

I never experienced any issues regarding funds in the past, even with bigger amounts. Now they are asking for some details regarding the funds and wallet ownership, but it's not much of a hurdle yet.

Well, it's not much of an issue as of yet but if and when the government starts sending income tax notices about our crypto investments to us then it might surely create an issue for many of us.
Right now I guess they are not implementing it strictly but Binance already shares the data with the government and so it's only a matter of time when the government sends out these notices to us.

Tax notices aur regulatory scrutiny se ab koi nahi bach sakta, chahe aap Binance use karo ya CoinDCX. Jab tak aap local ya compliant offshore exchange par ho, aapka data government ke paas ja raha hai. Iska hal yahi hai ke trading ke liye utna hi fund rakho jitna zaroori ho, baqi long term holdings ko hamesha personal wallets mein shift kar do. Binance ko blame karne ka faida nahi, unhone India mein business karna hai toh compliance karni paregi, ab yeh hamare upar hai ke hum apne funds ko kaise manage karte hain taake kal ko koi bura surprise na mile ۔

[pawanjain]

Tax notices aur regulatory scrutiny se ab koi nahi bach sakta, chahe aap Binance use karo ya CoinDCX. Jab tak aap local ya compliant offshore exchange par ho, aapka data government ke paas ja raha hai. Iska hal yahi hai ke trading ke liye utna hi fund rakho jitna zaroori ho, baqi long term holdings ko hamesha personal wallets mein shift kar do. Binance ko blame karne ka faida nahi, unhone India mein business karna hai toh compliance karni paregi, ab yeh hamare upar hai ke hum apne funds ko kaise manage karte hain taake kal ko koi bura surprise na mile ۔

Tumhari baat toh sahi hai lekin ek chij ka dhyaan rakhna padega ki jab tum apne long term holdings ko personal wallet me transfer kar rahe ho tab tumhara address koi track naa kar paaye.
Agar tum Binance se ya koi aur exchange se personal wallet me coins transfer kar rahe ho tumhara address already track ho raha hai kyu ki Binance FIU compliant hai aur yeh data unke saath share karta hai.
Isliye try karo ki koi aesa technique use karo jisse ki apna personal wallet ka address FIU authorities track na kar paaye.

[hasan5jan7]

Tax notices aur regulatory scrutiny se ab koi nahi bach sakta, chahe aap Binance use karo ya CoinDCX. Jab tak aap local ya compliant offshore exchange par ho, aapka data government ke paas ja raha hai. Iska hal yahi hai ke trading ke liye utna hi fund rakho jitna zaroori ho, baqi long term holdings ko hamesha personal wallets mein shift kar do. Binance ko blame karne ka faida nahi, unhone India mein business karna hai toh compliance karni paregi, ab yeh hamare upar hai ke hum apne funds ko kaise manage karte hain taake kal ko koi bura surprise na mile ۔

Tumhari baat toh sahi hai lekin ek chij ka dhyaan rakhna padega ki jab tum apne long term holdings ko personal wallet me transfer kar rahe ho tab tumhara address koi track naa kar paaye.
Agar tum Binance se ya koi aur exchange se personal wallet me coins transfer kar rahe ho tumhara address already track ho raha hai kyu ki Binance FIU compliant hai aur yeh data unke saath share karta hai.
Isliye try karo ki koi aesa technique use karo jisse ki apna personal wallet ka address FIU authorities track na kar paaye.

Aap ne bohot sahi point raise kiya hai bhai, shukriya guide karne ke liye. Yeh toh sach hai ke exchange se seedha transfer karne par hamara personal wallet address bhi un ke record mein aa jata hai. Iska matlab hai ke aam wallet use karne ka bhi faida tab tak nahi jab tak hum privacy ka dhyan na rakhain. Kya iska koi hal hai? Jaise agar hum transaction ke liye bilkul naya wallet use karain ya coins ko swap karne ke liye kisi non-custodial ya decentralized exchange (DEX) ka use karain toh kya tracking mushkil ho sakti hai? Kyun ki aam bando ke liye toh ab crypto chalana aik musibat ban gaya hai ۔

[eaLiTy]

There is another notification from Binance regarding certain exchanges. I got the email today.

Important: Binance will no longer process transactions involving certain crypto-asset service providers/platforms

In line with recent regulatory developments and our Terms of Use, Binance is unable to support crypto deposits, withdrawals, or transfers involving certain crypto-asset service providers, exchanges, or platforms. After each platform's effective date, you should not directly or indirectly send to, receive from, or otherwise transact with the listed entities.

Affected platforms and effective dates

Effective 7 August 2026:

Shelbit (Shelbit General Trading LLC)

Aban Tether Exchange

Effective 13 August 2026:

A7 Nigeria

A7 Africa

PilotFinance Ltd

Effective 23 August 2026:

Rapira

Aifory Pro (Sooty Ltd.)

ABCeX (Nueva Cryptologia S.A.S DE C.V.)

WhiteBird

NoOnecrypto INC.

Tradex (Brightum LLC)

Monease Ltd

BitPapa

Exnode, Exnode Pay (Arvix)

HTX (Huobi Global SA)

EXMO Ltd

What this means for you

Any transaction attempted with these platforms on or after the effective date may be held and subject to a compliance review. This means incoming deposits from these platforms may be frozen and attempted withdrawals to these platforms may be rejected. Restrictions may be applied to the impacted wallet(s) while the review is ongoing, and such activity may also constitute a breach of the Binance Terms of Use.

Unsupported tokens

In line with our Terms of Use and applicable regulations, Binance is currently unable to support A7A5, RUBx, Digital Rouble, and Belarusian Digital Rouble. Transactions involving these unsupported tokens cannot be processed on the platform.

Restrictions on certain users

Binance may also be unable to support crypto-asset services for certain users under applicable regulations. If you believe a restriction has been incorrectly applied to your account, please provide the relevant details about your account so your case can be reviewed.

What you should do

Please cease all transactions with the listed platforms by their respective effective dates. If your deposit was frozen or your withdrawal was rejected and you believe the transaction is not related to a restricted platform, or is otherwise permissible under applicable regulations, please contact Customer Support (available 24/7) and provide the relevant transaction details for review, including the basis on which you believe the transaction is permitted.

For more information, including the affected platforms and applicable effective dates, please refer to the Announcement. For details on EU sanctions and regulatory measures, please consult official EU sources. Please note that we are unable to provide legal advice or a detailed interpretation of sanctions regulations.

Source: Binance

Basically, they are just bowing to all the regulatory pressure.

[Cointikka]

~

Most probably, this news might be the reason for the new announcement from Binance. Another factor is US pressure to stop ML from sanctioned countries like Russia and Iran. They bowed to US/EU pressure again; that is all I can make sense of after reading their announcement.