In a move aimed at strengthening users security and complying with global anti-money laundering (AML ) regulations, Binance has announced that all the users in India, both old and existing, will need to undergo Know Your Customer (KYC) re-verification.
The crypto exchange running under FIU registration adheres to a large initiative to prevent financial crime and guarantee compliance with Indian anti-money laundering regulations. Users must supply their Permanent Account Number (PAN) during KYC procedures to fulfill existing requirements.
This new requirement applies to all local and international cryptocurrency exchanges that operate in India and is consistent with the country’s strict financial legislation. Users were informed by Binance that all private data would be managed safely and would only be gathered when necessary with applicable requirements.
As per the statement, “Binance is committed to combating financial crime and ensuring the highest standards of integrity and security.”
Binance sent out an email with instructions for users to follow to finish their re-verification. The statement emphasizes the continuous attempts to improve security and integrity while staying ahead of international compliance regulations.
With stricter regulations in play, the outcome could signal huge changes ahead for the exchange and the Indian crypto market.
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