Binance Set to Re 4l2k KYC Details of India s

Binance informed its India s about this re-verification process through an email. 3b6x6

Written by Manas Mitul | Updated: 21 April 2025 16:02 IST

Binance Set to Re- KYC Details of India s

Photo Credit: X/ @Binance 2w40o

Binance ed with FIU-IND in May last year

Highlights

Binance was fined in India last year for violating PMLA
The exchange wishes to comply with all local laws in India
The platform has assured s that their details will be safe

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Binance is refreshing the database of its details in India, the exchange said in an official announcement over the weekend. Binance's India s have been directed to re- their Know-Your-Customer (KYC) details. This instruction will apply to both the new as well as the existing s of the exchange. Access to Binance was restored in India in August 2024, after it cleared a fine of $2.25 million (roughly Rs. 18.8 crore) for violating India's Prevention of Money Laundering Act, 2002 (PMLA).

Binance informed its India s about the re-verification process through an email, it said in its announcement. The exchange said that the step aligns with its aim to maintain high security standards in the country.

The platform will be obtaining the PAN details of its s in India as part of this KYC refreshing process. PAN or (Permanent Number) is a 10-digit identification number assigned to all taxpayers in India.

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Explaining the step, Binance said that it is “a requirement under the Indian AML laws” which “is not unique to Binance and equally applies to all local and global exchanges ed under India's AML legislation.”

Other details that s will need to submit for their KYCs include name, date of birth, address, and images of government-issued ID. In addition, s will also be required to go through a facial identification process.

In 2024, Binance had ensured its s that ing the necessary documents for the KYC was a quick process – the verification and approval process could take a few days. Once the verification is completed, the platform notifies the s accordingly.

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Binance has assured its India s that it will keep their personal details safe and secure.

“We will only ask for details required under Indian anti money laundering laws for the prevention of financial crime and the development of a safe and responsible digital asset ecosystem,” the exchange noted.

In India, all crypto platforms are mandated to adhere to the anti-money laundering guidelines. As part of India's PMLA laws, crypto exchanges need to have the KYC details of their s to keep an oversight on crypto trading activities. Upon identifying suspicious transactions, the PMLA requires exchanges to report their observations to the relevant authorities.

Last year, Binance CEO Richard Teng had May last year.

It is, however, noteworthy that Binance is yet to establish a physical presence in India.

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Further reading: PMLA

Radhika Parashar

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Radhika Parashar is a senior correspondent for Gadgets 360. She has been reporting on tech and telecom for the last three years now and will be focussing on writing about all things crypto. Besides this, she is a major sitcom nerd and often replies in Chandler Bing and Michael Scott references. For tips or queries you could reach out to her at [email protected]. More