Binance has issued a strict directive requiring every user in India to complete a fresh Know Your Customer verification. Users who fail to comply may face restricted access to their accounts, as the exchange aligns with India’s regulatory framework.
According to Binance, both existing and new Indian users must now submit updated KYC documents, including a valid Permanent Account Number. The Binance platform is enrolled with India’s Financial Intelligence Unit under Anti-Money Laundering regulations to carry out this enforcement.
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The exchange made clear that all users operating in India must complete these requirements. Binance states in its official communication that user-submitted personal information will receive secure treatment to fulfill legal requirements.
Binance sent complete directions via email to users who needed to finish the verification procedure. Not completing the re-verification could cause the platform to reduce trading and withdrawal features.
India’s Regulatory Pressure Pushes Binance to Tighten User Verification
This move comes amid rising scrutiny from Indian financial authorities on digital asset transactions. The Income Tax Department recently asked crypto platforms to show whether the 1 percent Tax Deducted at Source has been collected on trades.
Indian investors need to show evidence of TDS payments or present documentation showing that taxes do not need to be applied. Binance imposes mandatory KYC through updates to maintain regulatory compliance with escalating requirements.
Binance implements second identity verification for users to comply with regional money laundering restrictions and tax regulations. Similarly, the platform protects itself from legal consequences stemming from user activities through this approach.
Indian cryptocurrency platforms encounter regulatory requirements to make user information and transaction records more transparent. The recent Binance policy serves as an industry model for enhanced compliance practices, which will likely guide additional businesses in this field.
Conclusion
Binance’s decision to enforce KYC re-verification signals a significant shift in how crypto services operate under Indian law. With access on the line, Indian users must act swiftly to retain full use of their accounts.
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