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๏ปฟAnjali Belgaumkar
๏ปฟAnjali Belgaumkar
Author
Writer by choice, CryptoCurrency Writer, and Researcher by chance. Currently, focusing on financial news and analysis, as well as cryptocurrency news and data. One may not call me a crypto โEnthusiastโ but trust me I'm getting there.
- Apr 19, 2025 07:27 UTC
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Crypto News: Binance Alerts Indian Users on New KYC Requirement
Binance now requires all Indian users to re-verify KYC, including valid PAN, to align with AML regulations.
Income Tax Dept demands proof of 1% TDS on crypto trades; investors must comply or provide valid exemptions.
Binance has announced that all users in India, both new and existing, are required to complete a Know Your Customer (KYC) re-verification process. This step is part of the exchangeโs ongoing efforts to meet global compliance standards and strengthen account security.
Mandatory KYC Update
In line with Indiaโs anti-money laundering (AML) laws, Binance is requesting users to provide valid PAN (Permanent Account Number) details. The exchange emphasized that this is a standard requirement for all crypto platforms registered under Indian AML legislation.
Binance, which is registered with Indiaโs Financial Intelligence Unit, assured users that any personal information submitted will be handled securely and only used to meet legal obligations.
The platform has sent detailed instructions via email to affected users and thanked the community for its continued cooperation and support.
TDS Proof Required
This update follows recent reports that the Income Tax Department has asked whether the 1% TDS on crypto transactions has been collected. Indian investors are now required to either show proof that TDS was paid or provide documents explaining why it doesnโt apply to them, as per official tax notices.
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