Crypto exchanges to redo kyc verification of their users in India by end of June, fiu gives instructions, bitcoin

The segment of cryptocurrency has increased rapidly over the years. The number of cases related to scam in this market has also increased. To curb this problem, regulations related to crypto are being made in many countries. The Financial Intelligence Unit (FIU) in the country has directed all crypto exchanges to conduct the verification of their users’ No-Aya-Castmer (KYC) data by the end of June. All crypto exchanges will have to refresh KYC details older than 18 months. A media Report Sources have been quoted as saying that many Crypto exchanges and users are ignoring one percent TDS on crypto transactions. FIU has planned to closely monitor Crypto activities. Independent Crypto Advisory Institution, India Web3 Association (BWA) has said that this instruction is a sign of emphasis on regulatory accountability in the virtual digital assets (VDA) segment. BWA has stated in a post on Linkedin, “FIU has directed all registered VDA exchanges to complete the KYC Compliance by June 30 under the Prevention of Money Laundering Act (PMLA). It involves updating user data and re -verification of older accounts for 18 months.”

Recently, the International Crypto Exchange Binance informed its users in the country about the process of verification again through email. Binance asked its users to deposit their PAN. Last year, Binance also paid a fine of 22.5 million dollars in the country along with registering with FIU. This exchange had to pay the fine for violating PMLA. After this, access was started on the exchange website for the users of Binance in the country. This was the 19th International License for Binance. It has licenses for business in Sweden, Dubai, Kazakhstan and France.

Binance’s CEO, Richard Teng said that the exchange is aware of the possibility in the country’s virtual digital assets (VDA) market. He had told, “Our registration with FIU is an important achievement in the visit to the exchange. This will allow us to give our services to Indian users.”