Binance has conducted a full KYC revalidation to ignite the compliance revolution in the Indian crypto market, enhance security, and redefine user accountability in line with AML laws.
Binance triggers a complete KYC lockdown in India
Crypto Exchange Binance announced a policy update on April 18th that will require customers (KYC) to be reconsidered for all users in India, regardless of when they joined the platform. This notice comes as Binance is looking to strengthen its account security standards across the board following the broader push to comply with India's Money Laundering (AML) regulations.
The exchange details the legal and regulatory basis for the decision and highlights its alliance with Indian authorities.
Indian users need to know customer (KYC) revalidation, both new and existing.
From a user data protection perspective, Binance has ensured its customers that only the data needed is collected and processed to the highest security standards. The company has reaffirmed its commitment to “preventing financial crime and developing a safe and responsible digital asset ecosystem.”
This new development will arrive as the regulatory environment continues to evolve in India and enforces all registered platforms (external or domestic) to take similar steps. The platform highlighted its official compliance status.
Binance is registered with Financial Intelligence Unit-India and complies with India's AML law. This includes obtaining PAN details as part of the KYC process, a requirement under India's AML Act.
A permanent account number (PAN) in India is a unique 10-character alphanumeric identifier issued by the Income Tax Agency to individuals, businesses and entities engaged in financial transactions. “This requirement is not specific to binance and applies equally to all local and global exchanges registered under India's AML law,” the Crypto Exchange states. This clarification seeks to distinguish this measure as part of a broader regulatory framework rather than as Binance-specific imposition.
