According to reports from crypto.news, Binance Australia will require users to provide additional information when sending or receiving cryptocurrency from July 1, 2026. The exchange stated that users must provide sender details for crypto deposits and beneficiary information including full name, country, and city or locality details for outgoing withdrawals. The rule applies to any amount of crypto sent to or received by Binance Australia accounts.
As reported by crypto.news, the exchange described these changes as a mandatory requirement for Australian users, supporting compliance with local rules. For withdrawals, users must provide the beneficiary's full name, country of residence, and city, town, or locality. If users send assets to themselves on another exchange, Binance said they only need to provide the name of the receiving exchange. For deposits, users must access the crypto deposit page and click the pending transaction, where the pop-up will request the sender's full name, country of residence, unique identifier, and city, town, or locality.
According to crypto.news, Binance warned that transfers may be delayed or not processed if users do not provide the required details. In some deposit cases, the exchange said it may return the crypto assets to the sender or originating exchange. The platform also stated that users will need to log in again from July 1, 2026 when the changes begin, though users who do not make crypto transfers do not need to take any action.
As reported by crypto.news, the update comes as Australia expands anti-money laundering rules for virtual asset services. AUSTRAC said separate Travel Rule obligations apply to transfers of value involving virtual assets, with some virtual asset obligations deferred until July 1, 2026. AUSTRAC's transitional guidance indicates firms must prepare for customer checks, reporting, transfer of value, and record-keeping duties that start from that date. The changes represent Australia's move toward bank-style rules for crypto exchanges and custody providers.
