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Crypto News: Binance Alerts Indian Users on New KYC Requirement
Binance has recently sent out alerts to all its Indian users, both new and existing, requiring them to complete a Know Your Customer (KYC) re-verification process. This is part of the exchange’s ongoing efforts to meet global compliance standards and strengthen account security.
As per the updated requirement, Binance is now asking all users in India to provide valid PAN (Permanent Account Number) details. The platform emphasized that this is a standard requirement for all crypto platforms registered under Indian anti-money laundering (AML) legislation.
It’s worth noting that Binance is registered with India’s Financial Intelligence Unit and assured users that any personal information submitted will be handled securely and only used to meet legal obligations. The exchange has sent detailed instructions via email to affected users, thanking the community for their continued cooperation and support.
This update comes on the heels of recent reports suggesting that the Income Tax Department has asked whether the 1% TDS (Tax Deduction at Source) on crypto transactions has been collected. As a result, Indian investors are now required either to show proof that TDS was paid or provide documents explaining why it doesn’t apply to them, as per official tax notices.
For its part, Binance is ensuring that all users comply with these new requirements while also emphasizing the importance of personal data security.
Source: https://coinpedia.org/news/crypto-news-binance-alerts-indian-users-on-new-kyc-requirement/
