Crypto exchange Binance has announced new KYC guidelines for its Indian users. The exchange stated that the new update is part of its efforts to “improve and stay ahead of global compliance standards” while improving account security for its Indian user base.
This follows the firm’s successful registration as a reporting entity with India’s Financial Intelligence Unit (FIU) in August of 2024. Besides, it marks the exchange’s 19th regulatory achievement worldwide.
Binance compliance requirements also include PAN verification
As part of a move to tighten security, the exchange has added a compulsory Know Your Customer (KYC) re-verification requirement for all of its Indian users. Binance will request users to provide their Permanent Account Number (PAN) details.
The PAN is a unique 10-character alphanumeric identifier, which is provided by India’s Income Tax Department to individuals, companies, and financial institutions engaged in financial transactions. This is precisely
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