- In India, Binance is registered under the Financial Intelligence Unit, and the exchange complies with the Indian AML legislation.
- As per the Indian AML legislation, Binance has asked its users to undergo KYC re-verification.
One of the most prominent exchanges, Binance, announced through its official website on April 18 that both new and existing users hailing from India need to go through the process of KYC (Know Your Customer) re-verification.
The step has been taken to improve the global compliance standards and lead the global market. This will also help in improving account security and meeting anti-money laundering requirements.
In India, Binance is registered under the Financial Intelligence Unit, and the exchange complies with the Indian AML legislation. As per the AML laws of India, PAN details are required for the KYC process.
Any exchange, whether it is local or global, needs to fulfill this requirement if it is registered under the AML legislation of India. Talking about PAN, it stands for Permanent Account Number issued by the Income Tax Department of India, which is a 10-character identifier including alphabets and numbers.
The Constant Efforts of Binance For the Crypto Industry
Binance has also assured that all the details shared by any person will be safe and secure, and the details that need to be presented under Indian AML laws are used to prevent any further financial crime. It will also help in creating a safe, secure, and responsible digital asset ecosystem.
Binance is actively participating in constructing a brighter path for the digital assets ecosystem globally. As a part of this, the exchange is constantly working to comply with the rules and regulations issued by the regulators of different nations.
Not only this, the largest exchange is also focusing on establishing strategic Bitcoin reserves in several nations. Recently, the chief executive officer of Binance has revealed that the firm is in talks with various nations to set up strategic digital asset reserves.
Binance also wants to be a trusted partner for various nations and boost the legitimization of crypto at a global level.
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