Overview
Binance has introduced regulatory requirements under its Travel Rule, requiring the collection of Personally Identifiable Information (PII) data for certain crypto withdrawals and deposits. The specific personal information required varies by each local entity’s (jurisdiction) regulatory requirements. Binance US is not affected by this change.
To meet these requirements, Fireblocks uses end-to-end encryption. The PII data is securely transmitted through an enhanced API using Fireblocks Public Key. This ensures the information remains encrypted until it is decrypted, processed, and submitted as part of the withdrawal or deposit request by the Exchange Service, by Binance’s requirements.
Important
While providing the PII data is optional, doing so can reduce the risk of transaction delays or failures and help ensure regulatory compliance.
Steps to complete Binance PII requirements
In your Fireblocks Console:
- In the navigation panel, select Transfer.
- In the From or To fields, select Binance.
- Choose how to proceed. You are presented with two options. To provide personal information as required by your chosen local jurisdiction, select the first option.
Option 1: Provide required personal information by local entity
- Select + Add details to complete Binance’s PII questionnaire.
- A Travel Rule dialog appears. Follow the prompts based on the local entity and ensure all required parameters are verified for accuracy and completed in full.
- Once done, select Save.
- Complete the transaction as you normally would.
Option 2: Skip providing personal information by local entity
While this is not recommended, you can choose not to add the PII data by following the steps below:
- Select the I acknowledge checkbox to indicate that you understand skipping the personal information step may result in the transaction being blocked. Proceeding this way sends a standard transaction without the additional PII data.
- Complete the transaction as you normally would.
Troubleshooting failed or blocked transactions
In the event transactions are failing or appear frozen on Binance:
- Withdrawals: If a withdrawal fails, you may be required to complete a withdrawal PII questionnaire on the Binance platform.
- Deposits: If an incoming deposit is delayed or temporarily frozen, you may be required to complete a deposit PII questionnaire on the Binance platform.
Binance withdrawal and deposit questionnaire parameters
The tables below outline the parameters for completing Binance's withdrawal and deposit questionnaire for certain crypto transactions. Each field is explained to provide you with the proper guidance.
Table: Binance Withdrawal Questionnaire Fields
Fireblocks UI Field Name | Binance Field Name | User Input |
Are you sending to yourself or another beneficiary? | Is Address Owner / Send To | Indicate if the funds are being sent to your own wallet or to another person/entity. |
Beneficiary Type | Beneficiary Type | Select whether the recipient is an Individual or a Corporate/Legal Entity. |
Beneficiary's First Name | Beneficiary First Name | Enter the first legal name of the individual beneficiary. |
Beneficiary's Last Name | Beneficiary Last Name | Enter the last legal name of the individual beneficiary. |
Beneficiary Corporation Name | Entity Name | Enter the full legal name of the corporate or legal entity beneficiary. |
Beneficiary Country | Beneficiary Country | Enter the 2-digit ISO country code (lowercase) of the beneficiary's residence or registration. |
Beneficiary City | Beneficiary City | Enter the city of the beneficiary's residence or registration. |
Beneficiary Name (Kanji) | Kanji Name | Enter the beneficiary's name in Kanji characters. |
Beneficiary Name (Katakana) | Kana Name | Enter the beneficiary's name in Kana characters. |
Beneficiary's First Name (Latin/Romaji) |
Latin Name | Enter the beneficiary's first name in Latin characters. |
Beneficiary's Last Name (Latin/Romaji) |
Latin Name | Enter the beneficiary's last name in Latin characters. |
Purpose of Transaction | Transaction Purpose | Select the primary reason for the transaction (e.g., purchase of goods, inheritance, cross-border trade, use of VASP services, or "others"). |
Where are the funds being sent? | Destination Platform / Send To |
Specify if the funds are going to a "Private Wallet" (self-hosted) or "Another VASP" (e.g., another exchange). For Japan “Crypto-asset services provider” / “Unhosted Wallet” |
VASP Code | VASP Code | Enter the unique code of the beneficiary's Virtual Asset Service Provider (e.g., "BINANCE" or "others"). |
VASP Name (if not in list) | VASP Name | Enter the full legal name of the beneficiary's Virtual Asset Service Provider if its VASP Code is "others". |
VASP Country | VASP country code | VASP country code, ISO 2 digit, lower case. |
I attest that the information provided is true and correct | Is Attested | Confirm that the address ownership has been attested (e.g., via AOPP). |
Table: Binance Deposit Questionnaire Fields
Fireblocks UI Field Name | Binance Field Name | User Input |
Who is the originator of this deposit? | Deposit Originator | Indicate if you are the sender of the funds (Myself) or if the funds were sent by another person/entity (Not Myself). |
Originator Type | Originator Type | Select whether the sender is an Individual or a Corporate/Legal Entity. |
Originator's First Name | Originator Name | Enter the full legal name of the individual sender or corporate entity. |
Originator's Last Name | Originator Name | Enter the full legal name of the individual sender or corporate entity. |
Originator's Name (Kanji) | Kanji Name | Enter the originator's name in Kanji characters. |
Originator's Name (Katakana) | Kana Name | Enter the originator's name in Kana characters. |
Originator's First Name (Latin/Romaji) |
Latin First Name | Enter the originator's name in Latin characters. |
Originator's Last Name (Latin/Romaji) | Latin Last Name | Enter the originator's name in Latin characters. |
Originator's Corporation Name | Originator's (corporation) Name | Originator's name |
Originator's Nationality | Originator Country | Enter the 2-digit ISO country code (lowercase) of the sender's residence or registration. |
Originator's Corporation Country |
Originator Country | Enter the 2-digit ISO country code (lowercase) of the sender's residence or registration. |
Originator's Region | Originator Region | Enter the region of the originator's residence. |
Originator's City | Originator City | Enter the city of the originator's residence. |
Originator's Pin Code | Originator Pin Code | Enter the postal code of the originator's address. |
Originator's Address | Originator Address | Enter the full physical address of the originator. |
National ID | National ID Number | Enter the originator's national identification number. |
PAN | Permanent Account Number (PAN) | Enter the originator's Permanent Account Number (PAN) |
Where are you receiving from? | Receive From | Specify if the funds were sent from a "Private Wallet" (self-hosted) or "Another VASP" (e.g., another exchange). |
VASP Code | VASP Code | Enter the unique code of the originator's Virtual Asset Service Provider (e.g., "BINANCE" or "others"). |
VASP Name (if not in list) | VASP Name | Enter the full legal name of the originator's Virtual Asset Service Provider if its VASP Code is "others". |
Purpose of Transaction | Transaction Purpose | Select the primary reason for the transaction (e.g., purchase of goods, inheritance, cross-border trade, use of VASP services, or "others"). |
I declare that the information provided is true and correct. | Declaration Confirmation | Confirm your agreement to the declaration. |
I attest that the information provided is accurate and complete. | Is Attested | Confirm that the address ownership has been attested (e.g., via AOPP). |
Building PII messages for Binance via the Fireblocks API
To provide Binance with encrypted PII messages via the Fireblocks API, follow our developer guide here.