- Binance now requires all Indian users to complete KYC again using their Permanent Account Number or PAN.
- The new rule applies to both new and old users as part of India’s anti money laundering compliance measures.
- Binance will collect only legal details and assure users that their data will be handled with full safety.
Binance has made Permanent Account Number (PAN) submission mandatory for all Indian users. The new rule applies to both existing and new users on the platform. The move aligns with India’s anti-money laundering guidelines and follows recent regulatory developments.
KYC Re-verification Required for Continued Access
On April 18, Binance began emailing users about the new Know Your Customer (KYC) re-verification process. This step is necessary to continue using the platform in India. The company confirmed that users must now upload their PAN. This applies to every Indian account, regardless of when it was created.
The change comes as Binance attempts to meet local financial rules. The company assured users that it would collect only what is required by law. It also emphasized the safe handling of user data.
PAN Now Integral to All Crypto Platforms in India
The PAN is a unique 10-character alphanumeric identifier issued by the Indian Income Tax Department. It tracks financial transactions and identifies individuals and businesses. Indian law mandates its use in all financial platforms, including cryptocurrency exchanges.
Binance highlighted that this step is not exclusive to its platform. Every exchange operating in India must follow the same standard. These requirements aim to increase financial transparency and prevent illegal activity.
Earlier Ban on Binance Influenced the Policy Shift
The Indian government banned Binance along with multiple other offshore crypto platforms in early 2024. The ban emerged because authorities lacked confidence in captured KYC information and potential money laundering activities. The authorities issued statements that certain digital platforms did not execute sufficient user verification procedures.
As a result, the Financial Intelligence Unit (FIU) registered Binance in August 2024. This registration allowed the platform to resume operations in India. To maintain its status, Binance agreed to meet all local regulatory expectations.
Policy Covers Both Domestic and Global Users in India
Binance confirmed that the re-verification step applies to Indian accounts, regardless of the user’s current location. The company stated that user protection and financial compliance are key priorities. All exchanges functioning in India must now follow the same identity check process.
According to Binance, the platform continues to upgrade its systems. It aims to align with India’s legal requirements and strengthen account security. The KYC update reflects this ongoing effort.
Binance recently marked its 19th global regulatory milestone by registering with India’s FIU. The company also gained approval to operate in Uzbekistan and secured a broker-dealer license in Brazil.
