Binance, the largest cryptocurrency exchange globally, has introduced a mandatory KYC re-verification process for its Indian users. This step, announced on April 18, is in line with local AML regulations and applies to both new and existing users. Users are required to submit updated identity documents, including their PAN, a 10-character alphanumeric code issued by the Income Tax Department. Binance emphasized that this requirement is not unique to its platform and is necessary to comply with Indian AML laws. The exchange reassured users that their details are secure and that only essential information is requested to prevent financial crimes. This move comes amidst increased regulatory scrutiny in India, with authorities cracking down on non-compliant exchanges. Binance's efforts to enhance compliance follow previous regulatory issues, including a fine for AML violations. The re-verification process underscores Binance's commitment to adhering to Indian financial regulations and rebuilding trust with users and regulators. Read more AI-generated news on: https://app.chaingpt.org/news