Binance Makes KYC Re-Verification Mandatory for All Indian Users

Highlights:

• Binance now requires all Indian users to complete KYC re-verification using their PAN details.
• The new rule follows a push to improve checks on crypto platforms and prevent financial crime.
• Binance aims to improve user safety and comply with laws after returning to the market in August 2024.

Binance announced on April 18 that all Indian users must complete Know Your Customer (KYC) re-verification. This applies to both existing and new users. The update is part of efforts to follow India’s anti-money laundering laws. Every user must now submit their Permanent Account Number (PAN) to continue using the platform. This is applicable to any exchange, including Binance, which is functioning in India.

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The company began sending emails to users with the process of reverification. Binance went on to confirm that it will only collect what is required by law. It also assured users their personal data will be handled safely. The company stated that its aim is to prevent financial crime and protect users’ information.

The PAN is a 10-character alphanumeric code issued by the Indian Income Tax Department. It helps track financial activity and identify individuals and businesses. Indian law requires all financial platforms to collect this detail. It helps the government to track the financial transactions and prevent fraud.

Binance noted that the accounts rule applies to all Indian accounts, irrespective of when they joined. The company mentioned in its statement that this decision is not specific to Binance. Instead, it follows the same standard that applies to any crypto exchange working in India. It aims to keep the exchange in line with national financial rules.

India Tightens Oversight on Crypto Platforms

India banned Binance and eight other foreign platforms earlier in 2024. The concerns over money laundering and weak know your customer (KYC) procedures prompted this move. Some platforms, said authorities, did not do enough to verify users. They also voiced concerns over the safety of investors on these platforms.

The Financial Information Unit (FIU) of India registered the crypto exchange in August 2024 so that it could restart operations. The platform could function once again in the country. Part of this agreement entailed Binance meeting local requirements, such as using PAN in KYC processes.

The company explained that this new step applies to both local and international users. All exchanges working in India must follow the same process. The steps are part of India’s efforts to improve the environment for users. The idea is to make sure all platforms are held to the same standard for meeting identity checks and user safety. According to Binance, it is still committed to following national standards. It continues to adjust its systems to meet the requirements laid out by the authorities.

Efforts to Build Confidence Among Indian Users

Binance said that it is working to improve platform security and protect user accounts. The KYC re-verification is part of this effort. The exchange said this step supports safer trading for its Indian user base.

The company also noted that it achieved its 19th global milestone by registering with India’s FIU. The company also recently gained approval to conduct business in Uzbekistan. In addition, it gained a broker-dealer license in Brazil.