Binance, the world’s largest trading exchange exchange, presented the KYC Recitation process (recognize the customer) for its users in India.
This step applies to both current and new users, as the stock market looks to compatible with the local money laundering regulations (AML).
Binance imposes a more striking KYC in India after the past AML violations
The Stock Exchange announced on April 18 that this re -improvement step is part of its broader efforts to improve the safety of the user and comply with global regulatory standards.
As part of this process, users must provide updated identity documents, including their permanent account number (PAN). PAN is a 10 -letter alphabet from 10 letters issued by Income Tax Department and is required for financial transactions in India.
“Users in India may need to redefine their KYC details, including linking their general. This is according to the anti -laundering laws (AML) and these requirements are applied evenly to all stock exchanges in India,” I mentioned On x.
Binance emphasized that this requirement stems from the national laws of AML and not unique to its platform.
Binance also added that the details of its users were safe and safe. The Stock Exchange stated that it will only request the required information under the Indian AML laws to prevent financial crime and support the ecosystem of safe and responsible digital assets.
“This requirement is not unique for Binance and is equally applied to all local and international stock exchanges registered under AML legislation in India,” the company Add.
The updated KYC procedures come from Binance at a time when Indian organizers go up to scrutinize encrypted currency platforms.
Indian authorities coordinate exchanges that fail to meet compliance obligations, especially with regard to tax reporting and AML practices.
according to Economic timesIndia’s Income Tax Department is looking for whether Binance users are using the basic system to overcome the 1 % of the designated in the source (TDS) on encryption transactions.
Under Indian law, merchants must either provide evidence to pay TDS or provide documents for any valid exemptions.
Meanwhile, the latest compliance efforts of Binance follow the organizational problems of the previous year. In 2024, the Indian Fiu fined the stock exchange of $ 188.2 million (about $ 2.2 million) for failing to meet AML standards. The government also ordered the removal of the Binance application from the Apple App Store in the country.
Despite these setbacks, Binance succeeded in registering at FIU last year and has since worked to rebuild its organizational position.
Therefore, the introduction of this reinforcing process indicates the company’s intention to completely comply with Indian financial regulations and restore confidence between users and organizers alike.
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