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Binance is mandating all users in India, both new and existing, to re-verify their Know-Your-Customer (KYC) details as part of a database refresh. This announcement follows the exchange’s return to the Indian market in August 2024 after settling a $2.25 million fine. The penalty stemmed from violations of India’s Prevention of Money Laundering Act (PMLA) of 2002. The re-verification process aims to ensure compliance with regulatory requirements and enhance the security of the platform for Indian users. This measure is likely a direct response to the previous violations and reflects Binance’s commitment to operating legally within the Indian regulatory framework.
