Binance has initiated a Know Your Customer (KYC) verification process for its Indian users, requiring both new and existing members to re-submit their information. This move aligns with global compliance standards and aims to enhance account security as Binance complies with India’s Anti-Money Laundering (AML) regulations.
The KYC renewal includes submitting Permanent Account Numbers (PAN) details. These PAN numbers are crucial for India’s tax tracking system, which ensures proper tax collection.
Binance assures users that their data will be treated confidentially and solely utilized for legal compliance purposes. This step aligns with the ongoing scrutiny of cryptocurrency dealings by the Indian Revenue Department, particularly regarding the implementation of a 1% Tax Deducted at Source (TDS) on transactions involving cryptocurrencies.
Binance urges all Indian users to comply with these regulations for both account security and avoiding potential penalties. For those engaged in high-volume trading, this verification is especially important, as the Revenue Department actively seeks to uncover tax evasion through thorough audits.