The rapidly evolving world of cryptocurrency has created new markets and with it, new platforms that require a higher level of safety and trust. To address this challenge, the government of India has placed protocols of robust Anti-Money Laundering (AML) and Counter Terrorism Financing (CTF) on entities within its jurisdiction. In line with this compliance framework, Binance—one of the largest crypto exchanges in the world—has instituted a Know Your Customer (KYC) re-verification policy for its Indian users.
This initiative seeks to re-verify all Binance account holders in India. It is driven by the company’s fundamental policy of fortifying the security and reputation of a platform. The cryptocurrency exchange seeks to enhance its capabilities of tracing suspicious transactions by verifying users’ identities. This strengthened identity verification serves as a means to fortify the protective measures against money laundering and terrorist financing. The additional measures aim to protect users in India from unscrupulous activities and strengthen their trust in the platform and cryptocurrency ecosystem.
Whether you’re a veteran in this space or a fresh newbie, going through the Binance KYC verification procedure and completing it correctly is essential to make sure that the services of the exchange can be utilized fully and within compliance of the law. The purpose of this article is to explain, in detail, how users from India can go through the Binance KYC process.
Step 1: Setting up the Binance account and performing the First Registration
The journey on Binance begins with registering an account on the platform. For this, you will need to go to the official Binance page. As soon as you enter, the platform will ask for an email address and a password that is both secure and unique. Afterwards, you will receive an email with a link that needs to be clicked to confirm the email address and activate the account.
Once you successfully verify your email address, you will be able to log in to your Binance account. As with any other registration process, there is a registration step that also contains a user profile, which needs to be filled out. This step includes providing details like the user’s full name, which should correlate with the user’s identification document, the user’s date of birth and any other identification details as may be asked by the platform. These details need to be correct to ensure successful KYC verification in the later stages.
Step 2: Starting the KYC Process
Now that the basics of your account have been configured, you can begin the Begin KYC process. To do this, look for a “security” option on your account window. You will subsequently find a subsection labeled “identity verification” under this menu. When you select this option, you will be walked through the beginning parts of KYC.
After you are in the identity verification area, you have to select the option marked as “Start Verification.” Make certain you are logged into your account under the country India since a lot of requirements would need to be fulfilled pertaining to the instructions for Indian such guidelines during the verification.
Step 3: Choosing Your Verification Level
Contrasting tiers of verification are offered by Binance, which fall under Basic and Advanced. Each level unlocks new access to the platform’s features and raises the limits of transactions. Review the features and limits related to each verification level, as they are shown on the Binance platform. Make a choice that aligns your intended trading activities with the transaction volume you expect so that you derive maximum benefit from the selected level. Understanding the requirements of each level will assist you in the KYC process by easing the document preparation for the respective level.
Step 4: Submitting the Necessary Documents
Now that the desired verification level has been set, you can proceed to the most important step—providing identification and address verification documents. For users in India, Binance usually prescribes the following documentation:
Government-issued identification: This could be a clear scan or photo of an Aadhar card, PAN card, passport, or even driver’s license. As with all documents, make sure that the whole document is visible as well as all information contained within.
Verification of Address: To validate an address, a document is needed from the user, like a recent utility bill (electricity, gas, or water), a bank statement not older than three months, or a valid rental agreement. The document should bear the user’s full name along with the address as provided during profile creation.
Also, remember that capturing scans or photographs of these documents comes in one of the supported formats, JPEG or PNG, and needs to be done with precision, as the document needs to be legible. Providing documents that lack clarity or precision or are incomplete will provide a change in favor of the user, but failing to clarify the information will harm the user.
Step 4: Submitting Verification Request
In our platform, you can fill in all the fields with a verified document to be uploaded. This document needs to be an identity document. Remember to go through every step, as every detail matters. Once you are confident everything is accurate, submit the application through the Binance platform.
After you submit your verification application, Binance will begin a review process. This review can take from a few hours to a few business days based on the number of applications as well as the intricacy of the provided information. Once the verification process is complete, you will be notified directly by Binance.
Step 6: Accessing All Binance Services
You will receive everything that Binance India has to offer with an open hand once you pass the Binance KYC verification. This means that you can now securely purchase, sell, and trade diverse cryptocurrencies listed on the platform.
KYC as a Foundation of Security and Compliance
Within the cryptocurrency industry, Know Your Customer (KYC) should not be regarded as a mere administrative exercise. It is an integral element that protects users’ funds, supports the platform, and ensures compliance with the law, which is needed for the Government of India. For account security, Binance also strongly advocates for the use of two-factor authentication (2FA). By following the KYC procedure and taking extra steps towards heightened security, Binance aims to foster a safer environment for cryptocurrency trading and investing in the Indian market.
