Binance Announces Mandatory Identity Verification for Indian Users to Comply with AML Regulations

In a significant move aimed at enhancing user security and complying with regulatory requirements, Binance has announced a mandatory identity verification process for all Indian users—both new and existing. The global cryptocurrency exchange is implementing a re-verification of Know Your Customer (KYC) details as part of its commitment to aligning with India’s anti-money laundering (AML) regulations.

Strengthening Compliance and Security

Binance’s latest initiative requires Indian users to undergo identity verification, including the submission of Permanent Account Number (PAN) details. This move is designed to bolster account security and ensure compliance with Indian AML legislation. The KYC re-verification process will be applicable to all users in India, regardless of whether they are newly registering or have been using the platform previously.

Registered with Financial Intelligence Unit-India

The exchange is officially registered with the Financial Intelligence Unit-India (FIU-IND), reaffirming its commitment to operating within the legal framework set by Indian authorities. As part of this registration, Binance adheres to the country’s AML policies, which are intended to curb financial crime and foster a transparent digital financial environment.

PAN Details Now a KYC Requirement

A key component of this new verification process includes the mandatory collection of PAN details. This requirement is not exclusive to Binance but is a standard obligation for all digital asset exchanges—local or global—that are registered under Indian AML regulations. The inclusion of PAN data helps ensure traceability and accountability within the digital asset ecosystem.

Promoting a Safe Digital Asset Ecosystem

These updated KYC requirements are a critical part of India’s broader efforts to build a safe, secure, and responsible digital asset marketplace. By aligning with these regulations, Binance is reinforcing its role as a compliant and responsible player in India’s rapidly evolving crypto landscape.

Binance has urged all Indian users to complete their KYC re-verification at the earliest to avoid any disruptions in service and to continue enjoying full access to the platform’s features. The exchange remains committed to working closely with Indian authorities to support the development of a transparent and compliant crypto ecosystem.