Binance Strengthens KYC Requirements for Indian Users
Date: 2025-04-21 Author: Gabriel Deangelo Categories: BUSINESS
Binance has announced new identification rules for its users in India. The measures are part of the company’s strategy to strengthen its compliance with international and national regulatory standards and provide enhanced account security for its customers amid growing pressure from Indian authorities.
After Binance was registered as a Reporting Entity with the Financial Intelligence Unit (FIU) of India in August 2024, the platform began implementing new verification procedures. This marks the exchange’s 19th regulatory achievement globally.
Under the new rules, all users in India are required to undergo a second KYC procedure, which includes providing a PAN, an individual tax identifier used in India to track financial transactions. The move is fully compliant with India’s anti-money laundering laws and is aimed at addressing previous issues with KYC compliance.
The exchange stressed that similar measures are in place for other cryptocurrency platforms operating in India, and that information will be collected strictly within the law. Users can rest assured that their data will be securely protected and used solely for the purpose of preventing financial crimes.
Binance has already begun sending out notifications to its Indian clients with instructions on re-verification. This move follows a series of regulatory restrictions: in early 2024, Indian authorities blocked Binance and eight other overseas crypto exchanges, citing a lack of proper KYC procedures and potential money laundering risks.
We also recall that Binance has previously faced serious difficulties in India, including an $86 million tax claim. However, registering with the FIU was an important step towards resolving these conflicts and restoring trust with regulators.
Thus, tightening KYC procedures is seen as a logical and necessary step for Binance to maintain its right to operate in India and demonstrate its commitment to the principles of financial transparency and security.
