India, June 23 -- Cryptocurrency exchange Binance has implemented new compliance procedures requiring users in India to submit detailed sender and beneficiary information for all crypto deposits and withdrawals, according to a recent update on the exchange's website. The new rules came into effect this week.

The changes are part of Binance's actions to align with the Financial Action Task Force (FATF) Travel Rule, a key global standard for anti-money laundering (AML) and counter-terrorist financing procedures, especially the Foreign Exchange Management Act (FEMA) in India.

Under the revised rules, Binance users must now provide KYC-like details such as full name, geographic region like country, town or city, and PAN details when receivi...