Binance India KYC compliance to be done again

Binance has made an announcement that it would now require all Indian users to re-verify their identities to comply with the anti-money laundering regulations. This applies to both new and existing users. 

Indian government lately has been very strict against the cryptocurrency users in India, requiring all the crypto exchanges to follow a set of rules if they want to operate in Indian. Failure to follow their rules means removal of their apps from Google Play Store and Apple App Store. The ban also includes ban of their official URL so they are inaccessible using web browsers as well. 

This KYC re-verification for Indian users is a significant step towards enhancing security and compliance.  This move aligns with global AML standards and may reduce financial risks associated with unverified accounts. 

We saw this coming though. India’s been tightening the grip on crypto for a while now. KYC re-verification was just a matter of time. Stay ready if you’re in the game over there. 

Some believe, Anti-money laundering regulations are just another way to monitor and control honest people.