Crypto News: Binance Alerts Indian Users on New KYC Requirement

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 exchange’s ongoing efforts to meet global compliance standards and strengthen account security.

Mandatory KYC Update

In line with India’s 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 India’s 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 doesn’t apply to them, as per official tax notices.