- In India, Binance is registered under the financial intelligence unit, and the exchange is in line with the Indian AML legislation.
- According to the Indian AML legislation, Binance has asked its users to undergo KYC comprehension.
One of the most prominent exchangeBinance, announced through its official website on April 18 that both new and existing users who come from India must go through the KYC (KNOW Your Customer) process.
The step has been taken to improve global conformity standards and lead the global market. This will also help improve account security and meet the requirements for money laundering.
In India, Binance is registered under the financial intelligence unit, and the exchange is in line with the Indian AML legislation. According to AML -Laws Of India, PAN is required for the KYC process.
Any exchange, whether locally or globally, must comply with this requirement if registered in accordance with the AML legislation in India. When we talk about PAN, it stands for permanent account number issued by India’s income tax department, which is a 10 character identifier including alphabet and numbers.
Binansen’s constant efforts for the crypto industry
Binance has also assured that all details shared by any person will be safe and secure, and the details that must be presented according to Indian AML laws are used to prevent further financial crime. It will also help create a safe, secure and responsible digital asset ecosystem.
Binance actively participates in constructing a lighter path for the digital access ecosystem globally. As part of this, the exchange is constantly working to comply with the rules and regulations issued by the supervisory authorities for different nations.
Not just this, Biggest exchange Also focuses on establishing strategic bitcoin reserves in several nations. Recently, the CEO of Binance has revealed that the company is in talks with various nations to establish strategic digital asset reserves.
Binance also wants to be a reliable partner for different nations and increase the legitimation of crypto at a global level.
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