Editor’s Note
Binance has announced a mandatory KYC re-verification for all its users in India to comply with local AML regulations. This update may impact your account access and trading activities.
If you invest in cryptocurrency, this news could be important for you, as this new update may affect your investment. Binance, one of the world’s largest cryptocurrency exchanges, has announced a significant update for Indian users. The company has stated that all Indian users will now be required to re-verify their ‘Know Your Customer’ (KYC) details, regardless of when they joined the platform. This decision has been taken to comply with India’s Anti-Money Laundering (AML) regulations and to enhance user security.
In its official statement, Binance clarified that this step was taken with the intention of aligning with Indian financial regulators and strengthening account security. The company says it is fully committed to preventing financial crimes in India and building a secure crypto ecosystem.
In this direction, all Indian users will be required to enter their PAN (Permanent Account Number), which is mandatory according to Indian tax laws. Binance also clarified that this rule applies not only to it but equally to all crypto exchanges operating in India.
Many users may have the question of how secure their data will be. Binance has also responded to this. The company assured that only necessary information will be collected and it will be kept secure according to the highest security standards. Binance also informed that it is registered with India’s Financial Intelligence Unit (FIU) and is fully complying with all local legal requirements.
According to Binance, all Indian users will have to update their KYC documents, which include PAN and a valid identity card. If a user does not complete this process, transaction limits may be imposed on their account or they may even be restricted from the platform’s services.