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Binance just ignited a compliance revolution in India’s crypto market, enforcing full KYC re-verification to tighten security, align with AML laws, and redefine user accountability.
Binance Triggers Full KYC Lockdown in India
Crypto exchange Binance announced a policy update on April 18 mandating know your customer (KYC) re-verification for all users in India, regardless of when they joined the platform. The notice follows a broader push to comply with India’s anti-money laundering (AML) regulations and comes as Binance looks to reinforce account security standards across the board.
The exchange detailed the legal and regulatory basis for the decision, underscoring its alignment with Indian authorities:
Users in India, both new and existing, need to undergo their know your customer (KYC) re-verification.
In terms of user data protection, Binance assured customers that only necessary data will be collected and handled with the highest security standards. The company reaffirmed its commitment to “the prevention of financial crime and the development of a safe and responsible digital asset ecosystem.”
This new development arrives as the regulatory environment continues to evolve in India, compelling all registered platforms—foreign or domestic—to take similar steps. The platform emphasized its official compliance status:
Binance is registered with the Financial Intelligence Unit-India and adheres to Indian AML legislation. This includes obtaining your PAN details as part of our KYC process, which is a requirement under the Indian AML laws.
India’s Permanent Account Number (PAN) is a unique 10-character alphanumeric identifier issued by the Income Tax Department to individuals, businesses, and entities engaged in financial transactions. “This requirement is not unique to Binance and equally applies to all local and global exchanges registered under India’s AML legislation,” the crypto exchange noted. The clarification seeks to distinguish the measure as part of a broader regulatory framework, not a Binance-specific imposition.
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