Binance to Require More Identity Details for Australian Crypto Transfers

Binance will require Australian users to provide additional identity information for cryptocurrency deposits and withdrawals as it tightens compliance with local regulations.

In a notice published May 24, Binance said it plans to gradually change crypto deposit and withdrawal procedures for users in Australia to meet regulatory requirements.

Starting July 1, Australian users receiving cryptocurrency deposits on Binance will have to provide information about the sender. Users withdrawing crypto from Binance to an external wallet will also have to enter information about the recipient. The requirement will apply to all crypto deposit and withdrawal transactions regardless of amount.

Binance said the measure is needed to comply with local regulatory requirements and continue operating its services in Australia. Users must provide the additional information starting July 1, Binance added.