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A mandatory re-identification process has been initiated for Binance users in India. As one of the largest cryptocurrency exchanges globally, Binance requires both new and existing users in the country to complete the KYC (Know Your Customer) procedure once again. This decision is believed to be part of the exchange’s efforts to align with global compliance standards and enhance account security. During the KYC renewal process, users are asked to share valid PAN (Permanent Account Number) information in accordance with the Indian Ministry of Finance’s AML (Anti-Money Laundering) laws.
All Users Must Complete KYC Renewal
Binance has requested that all registered users in India re-verify their accounts. In this context, users must provide their PAN numbers, which are integrated into the country’s tax system, to the platform. Registered with India’s Financial Intelligence Unit, Binance emphasizes that this verification will be used solely within legal obligations, and users’ personal information will be kept confidential.
The exchange has also shared detailed steps on how to complete the verification process via informative emails. Binance provides a streamlined system to ensure the process is user-friendly, urging users to complete the procedures on time to avoid losing access to their accounts.
TDS Documents Required for Tax Tracking
This move by Binance follows the recent increase in oversight by the Indian Revenue Department regarding cryptocurrency transactions. The department has begun sending official letters questioning whether the 1% TDS (Tax Deducted at Source) application from cryptocurrency users is being properly implemented. Investors are required to either submit a receipt indicating that TDS has been paid or provide documentation explaining why this deduction has not been applied.
This process is particularly crucial for users engaging in high-volume transactions. The Revenue Department is attempting to identify potential tax evasion cases through retrospective scanning.
