YEREVAN (CoinChapter.com) — Binance launched a compulsory KYC re-verification course of for all Indian customers. This consists of each present and new customers. They have to now replace their particulars and hyperlink their Everlasting Account Quantity (PAN).
The corporate shared the replace on April 18. In a submit on X, Binance stated,
“Users in India may need to re-verify their KYC details, including linking their PAN.”
This rule applies underneath India’s anti-money laundering (AML) legislation.
The PAN is a 10-digit alphanumeric ID issued by the Revenue Tax Division. It’s used for tax reporting and monetary transactions. Binance said this step is required by Indian legislation and isn’t unique to its platform.
FIU Binance India Tremendous Reached ₹188.2M in 2024
India’s Monetary Intelligence Unit (FIU) fined Binance ₹188.2 million in 2024. The positive equaled round $2.2 million. Authorities stated Binance failed to satisfy AML guidelines. As a part of that enforcement, India additionally requested Apple to take away the Binance app from its App Retailer.
Following this, Binance registered with the FIU. Since then, it has launched new compliance steps, together with this Binance India KYC re-verification.
The corporate stated person data will solely be collected for authorized compliance. In accordance with its assertion, Binance India KYC updates is not going to embrace information past what is required underneath the AML legislation.
As a part of the Binance KYC replace, all Indian customers should now hyperlink their PAN card. This rule applies to each new and present accounts. With out this, customers might face restrictions.
The PAN helps the federal government monitor monetary exercise, together with cryptocurrency transactions. The brand new Binance India KYC requirement goals to align the change with India’s monetary legal guidelines.
Binance emphasised that this requirement just isn’t distinctive. All crypto companies working in India should comply with the identical rules. The platform clarified this in its assertion on X and thru official channels.
Crypto TDS India Investigation Targets Binance Customers
The Financial Instances reported that India’s Revenue Tax Division is investigating some Binance customers. Authorities need to know if merchants used the platform to keep away from the 1% Tax Deducted at Supply (TDS).
By legislation, crypto merchants in India should both pay TDS or present paperwork proving exemption. Regulators are checking if Binance allowed customers to bypass this rule.
India has elevated its deal with crypto TDS enforcement. This consists of monitoring international platforms like Binance. The continued Binance KYC replace is a part of the response to that scrutiny.
Binance stated the replace helps nationwide AML targets. India crypto regulation now applies to each home and international platforms. This consists of Binance and different international companies registered underneath Indian legislation.
The Binance AML positive in 2024 triggered stricter guidelines for the change. Since then, Binance has labored to remain lively in India whereas assembly regulatory situations.