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  • Binance Forces India Users to Update KYC Details After ₹188M AML F…

    Binance Forces India Users to Update KYC Details After ₹188M AML F…


    YEREVAN (CoinChapter.com) — Binance introduced a mandatory KYC re-verification process for all Indian users. This includes both current and new users. They must now update their details and link their Permanent Account Number (PAN).

    FIU Binance India Fine Reached ₹188.2M in 2024Crypto TDS India Investigation Targets Binance Users

    The company shared the update on April 18. In a post on X, Binance said,

    “Users in India may need to re-verify their KYC details, including linking their PAN.”

    Binance India KYC Re-Verification Notice. Source: Binance South Asia on X
    Binance India KYC Re-Verification Notice. Source: Binance South Asia on X

    This rule applies under India’s anti-money laundering (AML) law.

    The PAN is a 10-digit alphanumeric ID issued by the Income Tax Department. It is used for tax reporting and financial transactions. Binance stated this step is required by Indian law and is not exclusive to its platform.

    FIU Binance India Fine Reached ₹188.2M in 2024

    India’s Financial Intelligence Unit (FIU) fined Binance ₹188.2 million in 2024. The fine equaled around $2.2 million. Authorities said Binance failed to meet AML rules. As part of that enforcement, India also asked Apple to remove the Binance app from its App Store.

    Following this, Binance registered with the FIU. Since then, it has introduced new compliance steps, including this Binance India KYC re-verification.

    The company said user information will only be collected for legal compliance. According to its statement, Binance India KYC updates will not include data beyond what is needed under the AML law.

    As part of the Binance KYC update, all Indian users must now link their PAN card. This rule applies to both new and existing accounts. Without this, users may face restrictions.

    Binance Identity Verification Update India. Source: Binance Official Blog
    Binance Identity Verification Update India. Source: Binance Official Blog

    The PAN helps the government track financial activity, including cryptocurrency transactions. The new Binance India KYC requirement aims to align the exchange with India’s financial laws.

    Binance emphasized that this requirement is not unique. All crypto firms operating in India must follow the same regulations. The platform clarified this in its statement on X and through official channels.

    Crypto TDS India Investigation Targets Binance Users

    The Economic Times reported that India’s Income Tax Department is investigating some Binance users. Authorities want to know if traders used the platform to avoid the 1% Tax Deducted at Source (TDS).

    By law, crypto traders in India must either pay TDS or show documents proving exemption. Regulators are checking if Binance allowed users to bypass this rule.

    India has increased its focus on crypto TDS enforcement. This includes monitoring foreign platforms like Binance. The ongoing Binance KYC update is part of the response to that scrutiny.

    Binance said the update supports national AML goals. India crypto regulation now applies to both domestic and foreign platforms. This includes Binance and other global firms registered under Indian law.

    The Binance AML fine in 2024 triggered stricter rules for the exchange. Since then, Binance has worked to stay active in India while meeting regulatory conditions.



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  • Binance Requires All Indian Users to Re-Verify KYC for AML

    Binance Requires All Indian Users to Re-Verify KYC for AML


    • Binance asks all Indian users to re-verify KYC for AML compliance.
    • Exchange collects PAN data to meet India’s money laundering law requirements.

    In a recent development, Indian users of the global crypto exchange Binance have been asked to re-verify their identities. Binance continues its initiatives to follow India’s rigorous anti-money laundering (AML) standards via this implementation. New users, together with current Binance users, need to repeat the Know Your Customer (KYC) process.

    Binance Aligns with India’s PMLA Rules

    Binance has implemented re-verification as part of the Indian authorities’ ongoing efforts to regulate digital assets despite not assigning penalties to noncompliant users. The exchange aims to enhance account security through its latest announcement while following the existing financial regulations of the country.

    Binance works to fulfill its duty under the requirements of India’s Prevention of Money Laundering Act (PMLA), 2002. PAN (Permanent Account Number) data must be obtained from every user, according to Binance. The mandatory steps apply to Binance and every other Indian and foreign crypto exchange that plans to operate lawfully within Indian territory.

    Previously, Binance encountered difficulties operating in the Indian marketplace before proceeding with its plans. The Indian Financial Intelligence Unit (FIU) sanctioned Binance where it imposing a $2.25 million (INR 188.2 million) fine upon the exchange in June 2025. Binance received the penalty from the FIU because it had not properly followed AML procedures during its time of offering services to Indian customers. The FIU found Binance lacked proper protocols for anti-money laundering in its position as a virtual digital asset service provider.

    Furthermore, the reported situation did not exist as a single occurrence. International digital asset platforms offering services to Indian clients received show-cause notices alongside Binance Group. Binance encountered operational restrictions for serving Indian users on its platform at this time.

    Binance Highlights Secure KYC Process to Protect Indian Traders

    Despite these setbacks, the company Binance works actively to settle regulatory matters and conditions. The company established official registration with India’s Financial Intelligence Unit (FIU-IND) in August 2025. The platform achieved a major operational hurdle through this registration because the platform could now run in India without additional interruptions. Indian users regained access to both the Binance website and mobile application after this development.

    The organization viewed this registration as extending its wide-ranging dedication to maintaining international regulatory requirements and preserving openness. Any data obtained through the KYC procedure was presented by the platform as safe and dedicated exclusively to meeting legal requirements.

    At the same time, Binance emphasized that establishing a safe digital asset ecosystem stands as equally crucial to their endeavors. Customers were assured the security-oriented KYC process would prevent inconvenience while protecting trading security.

    Meanwhile, India keeps building up its digital finance regulations throughout this period. The rise of cryptocurrency as a mainstream asset means India will pass new laws that both protect financial investors and stop criminal activities.

    Lastly, Binance emphasizes re-verifying Indian users as part of an industry-wide trend that promotes regulatory compliance in cryptocurrency markets. The exchange, together with the Indian government, works to develop a legally reliable environment that builds trust for digital asset trading.



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  • South Korea Successfully Pushes Google and Apple to Block 28 Crypto Exchanges, Affecting 98% of Users

    South Korea Successfully Pushes Google and Apple to Block 28 Crypto Exchanges, Affecting 98% of Users


    The Korean Financial Intelligence Unit (KoFIU), the regulator that oversees the prevention of money laundering, terrorist financing, and the transparency of financial transactions in South Korea, confirmed that it ordered the Apple App Store and the Google Play Store to ban 11 and 17 international centralized crypto exchanges (CEXs), respectively.

    According to KoFIU, the ban stemmed from these foreign virtual asset operators conducting undeclared business for Koreans.

    “In order to prevent damage to users, such as information leakage caused by transactions with undeclared businesses, the government is promoting the blocking of domestic access to internet sites and mobile phone apps of overseas undeclared businesses.” 

     Korean Financial Intelligence Unit

    In a 2024 study by South Korean research company Gallup Korea, 75% of South Koreans use Android smartphones (69% use Samsung and 5% use LG Electronics), which use the Google Play Store. Meanwhile, 23% of South Koreans are iPhone users, who use the Apple App Store.

    This means that around 98% of South Koreans were affected by the ban.

    Banning these CEXs’ mobile applications means South Koreans cannot download them anymore, while those who had already downloaded the applications before the ban was imposed cannot download any future updates of the CEXs’ platforms.

    CEXs Blocked on Google Play Store

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    On March 25, 2025, KoFIU announced that, upon its request, Google LLC blocked domestic access to the apps of 17 foreign virtual asset operators starting that day.

    “The enforcement of blocking domestic access to the Google app by undeclared overseas operators is expected to greatly help prevent money laundering using virtual assets and prevent damage to domestic users in the future.”

    Korean Financial Intelligence Unit

    The 17 unregistered crypto exchanges that were blocked by the Google Play Store under South Korean regulation are KuCoin, MEXC, Phemex, XT.com, Bitrue, CoinW, CoinEX, ZoomEX, Poloniex, BTCC, DigiFinex, Pionex, Blofin, Apex Pro, CoinCatch, WEEX, and BitMart.

    Photo for the Article - South Korea Successfully Pushes Google and Apple to Block 28 Crypto Exchanges, Affecting 98% of Users

    CEXs Blocked on Apple App Store

    On April 11, 2025, KoFIU announced that, upon its request, Apple Inc. blocked domestic access to the apps of 14 foreign virtual asset operators starting that day.

    “Overseas virtual asset business operators who wish to engage in domestic business activities must report to the Financial Intelligence Unit in advance (§6(2) of the Specified Financial Information Act) in accordance with the Act on the Reporting and Use of Specified Financial Transaction Information.”

    Korean Financial Intelligence Unit

    The 14 unregistered crypto exchanges that were blocked by the Apple App Store under South Korean regulation are KuCoin, MEXC, Phemex, Bitrue, CoinW, CoinEX, ZoomEX, Poloniex, BTCC, Blofin, CoinCatch, DOEX, WEEX, and BitMart.

    Photo for the Article - South Korea Successfully Pushes Google and Apple to Block 28 Crypto Exchanges, Affecting 98% of Users

    What’s Next for South Korea’s Crack Down on CEXs

    According to KoFIU, it will continue to block domestic access to mobile applications and internet sites of undeclared virtual asset operators abroad after consultation with related organizations.

    The regulator also reminded international entities that unreported business activities are subject to criminal penalties, including imprisonment of up to five years or a fine of up to 50 million won.

    “When dealing with undeclared businesses, (1) they may be exposed to risks such as personal information leakage and hacking, and there is a risk that they will be abused as a money laundering channel because they are not managed and supervised to prevent money laundering, and (2) undeclared businesses are not supervised by financial authorities and are not subject to user protection systems such as separate storage of deposits, so there is a high risk of damage to users’ money and virtual assets.”

    As of April 11, 2025, KoFIU said it has observed 28 virtual asset businesses that have been reported for operating in the country.

    Possible Effects on PH Regulation

    If there are similarities between the crypto regulations of South Korea and the Philippines, it is the blocking of unregistered CEXs’ platforms.

    However, unlike South Korea, the Philippines has only blocked the websites of unregistered CEXs in the country, not their mobile applications.

    One prime example is Binance, when the National Telecommunications Commission took the request of the Securities and Exchange Commission and told internet service providers in the country to block the Binance website, specifically https://binance.com, at the end of March 2024.

    Meanwhile, a month after the website blocking, Atty. Paolo Ong, the officer in charge of the SEC Philifintech Innovation Office, said in an interview that the regulator was already working to shut down the Binance app.

    As of this writing, there is still no update on this move.

    However, with the will of the South Korean regulator to ask the Google Play Store and Apple App Store to block unlicensed crypto exchanges in their country, the Securities and Exchange Commission of the Philippines could consider doing the same.

    This article is published on BitPinas: South Korea Successfully Pushes Google and Apple to Block 28 Crypto Exchanges, Affecting 98% of Users

    What else is happening in Crypto Philippines and beyond?



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