Binance is introducing new KYC rules for Indian users, requiring mandatory re-verification with a PAN (Permanent Account Number). The move comes as the exchange is set to register with India’s Financial Intelligence Unit (FIU) in August 2024, marking its 19th global regulatory approval.

The new measures are aimed at complying with India’s anti-money laundering laws. Binance stresses that similar requirements apply to all crypto exchanges operating in India and guarantees secure data storage. Users who fail to verify may face restrictions.

The move comes in response to Binance’s previous issues with Indian regulators, including a temporary ban in early 2024 due to lack of KYC compliance and money laundering risks. The exchange is now looking to build trust and avoid further sanctions.