- Binance asks all Indian users to re-verify KYC for AML compliance.
- Exchange collects PAN data to meet India’s money laundering law requirements.
In a recent development, Indian users of the global crypto exchange Binance have been asked to re-verify their identities. Binance continues its initiatives to follow India’s rigorous anti-money laundering (AML) standards via this implementation. New users, together with current Binance users, need to repeat the Know Your Customer (KYC) process.
Binance Aligns with India’s PMLA Rules
Binance has implemented re-verification as part of the Indian authorities’ ongoing efforts to regulate digital assets despite not assigning penalties to noncompliant users. The exchange aims to enhance account security through its latest announcement while following the existing financial regulations of the country.
Binance works to fulfill its duty under the requirements of India’s Prevention of Money Laundering Act (PMLA), 2002. PAN (Permanent Account Number) data must be obtained from every user, according to Binance. The mandatory steps apply to Binance and every other Indian and foreign crypto exchange that plans to operate lawfully within Indian territory.
Previously, Binance encountered difficulties operating in the Indian marketplace before proceeding with its plans. The Indian Financial Intelligence Unit (FIU) sanctioned Binance where it imposing a $2.25 million (INR 188.2 million) fine upon the exchange in June 2025. Binance received the penalty from the FIU because it had not properly followed AML procedures during its time of offering services to Indian customers. The FIU found Binance lacked proper protocols for anti-money laundering in its position as a virtual digital asset service provider.
Furthermore, the reported situation did not exist as a single occurrence. International digital asset platforms offering services to Indian clients received show-cause notices alongside Binance Group. Binance encountered operational restrictions for serving Indian users on its platform at this time.
Binance Highlights Secure KYC Process to Protect Indian Traders
Despite these setbacks, the company Binance works actively to settle regulatory matters and conditions. The company established official registration with India’s Financial Intelligence Unit (FIU-IND) in August 2025. The platform achieved a major operational hurdle through this registration because the platform could now run in India without additional interruptions. Indian users regained access to both the Binance website and mobile application after this development.
The organization viewed this registration as extending its wide-ranging dedication to maintaining international regulatory requirements and preserving openness. Any data obtained through the KYC procedure was presented by the platform as safe and dedicated exclusively to meeting legal requirements.
At the same time, Binance emphasized that establishing a safe digital asset ecosystem stands as equally crucial to their endeavors. Customers were assured the security-oriented KYC process would prevent inconvenience while protecting trading security.
Meanwhile, India keeps building up its digital finance regulations throughout this period. The rise of cryptocurrency as a mainstream asset means India will pass new laws that both protect financial investors and stop criminal activities.
Lastly, Binance emphasizes re-verifying Indian users as part of an industry-wide trend that promotes regulatory compliance in cryptocurrency markets. The exchange, together with the Indian government, works to develop a legally reliable environment that builds trust for digital asset trading.
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