Binance KYC Alert India: Indian Users Must Re-Verify PAN to Avoid Restrictions

Binance, a top cryptocurrency exchange in the world, has sent a KYC (Know Your Customer) re-verification notification to all Indian users, both old and new. The move is a part of Binance's worldwide compliance drive and is directed at improving user security.

PAN Details Now Compulsory for Indian Users

Under India's Anti-Money Laundering (AML) regulations, Binance now asks every Indian user to provide valid PAN (Permanent Account Number) information. This is consistent with the usual compliance requirements imposed on registered crypto exchanges in the nation.

Why Is This KYC Re-Verification Necessary?

Binance, which is currently registered with the Financial Intelligence Unit (FIU) of India, informed that the re-verification is being conducted strictly in accordance with legal requirements. The platform assured users that their personal information will be kept safe and will be used only for compliance with the law.

Notification through Email

Impacted users have been informed through email, which contains step-by-step guidance on how to finish the re-verification process. Binance appreciated its users for their cooperation and continued support.

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Tax Department Crackdown Brings Pressure

This action comes as India's Income Tax Department probes whether the required 1% TDS on crypto transactions is being effectively collected. Users can be requested to provide evidence of TDS payment or file documents explaining their tax status.

What It Means for Indian Users

Not completing the re-verification process can result in limitations on Binance accounts. Even existing users who have already gone through KYC might be required to update their details. To prevent any inconvenience, Binance users in India are recommended to verify their emails and complete the process as soon as possible.