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.
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Binance Set to Re-Verify KYC Details of India Users
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.
Disclaimer
We strive to uphold the highest ethical standards in all of our reporting and coverage. We StartupNews.fyi want to be transparent with our readers about any potential conflicts of interest that may arise in our work. It’s possible that some of the investors we feature may have connections to other businesses, including competitors or companies we write about. However, we want to assure our readers that this will not have any impact on the integrity or impartiality of our reporting. We are committed to delivering accurate, unbiased news and information to our audience, and we will continue to uphold our ethics and principles in all of our work. Thank you for your trust and support.
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