New Crypto Laws - Australian Users

[rockin_rod]

I've previously used crypto to buy larger token packages, and also for buying content where the creator requests it as a preference.
New laws have been passed here in Australia, and come into effect later in June, that will affect any Australian users of crypto.
But more significantly, they could also impact on Aussie models who cashout earnings via crypto, and others elsewhere, especially online content creators - so thought I'd share the changes here.
I've never taken well the occasional inquiries from banks about what I'm spending my money on, but this level of scrutiny is IMO outrageous - especially demanding that we provide all the personal details of both sender and recipient.
I've already been asked by one exchange to provide a model's full legal name, city and country of residence, purpose of withdrawal, and how much I anticipate sending in the future to the same person, and I refused to do so.
In response, the exchange cancelled the transfer, and told me my account was permanently restricted to cashing out to FIAT (local) currency ONLY. Unbelievable.

The below was communicated to me via email as a registered Australian user of Binance, but I have got similar advice from other exchanges:

Starting 24 June 2026, you will need to provide more information when receiving and sending crypto on Binance. These changes are to ensure we continue operating in full compliance with local requirements.
Changes to Crypto Deposit and Withdrawal Procedures

• Crypto Deposits to Binance: Users will be asked to provide the sender’s information when receiving any amount of crypto.
• Withdrawals from Binance: Users will be asked to provide the beneficiary’s information when sending any amount of crypto.

What Type of Transactions Are Affected
This update affects crypto deposits and withdrawals.

Sending Crypto Assets from Binance to Another Crypto Exchange or Self-Hosted Wallet
Once you have confirmed your withdrawal details, you will see a pop-up message to provide additional information on the beneficiary, such as:

• Full name;
• Country of residence;
• Town or Locality.

Receiving Crypto Assets from Another Crypto Exchange or Self-Hosted Wallet
You will need to go to the crypto deposit page of your Binance account and click on transactions pending credit. After that, you will see a pop-up message to provide additional information on the originator, such as:

• Full name;
• Country of residence;
• Unique identifier (a selection list will be provided);
• Town or Locality.

What Happens If Users Do Not Provide the Required Information
The transaction may be delayed or may not be processed if users do not provide the necessary information. In some cases, we may be required to return the transaction to the originator. Please ensure to provide all the required information during the deposit and withdrawal procedures.