Binance Mandates PAN Verification for Indian Users to Comply with AML Regulations

Crypto exchange Binance has implemented a new policy requiring all Indian users to submit their Permanent Account Number (PAN) card details to continue using their accounts. This move is part of Binance’s broader strategy to comply with India’s Anti-Money Laundering (AML) regulations and enhance account security. The PAN card, issued by India’s Income Tax Department, serves as a unique identifier for individuals and organizations primarily used for tax-related purposes. It also plays a key role in monitoring financial transactions.