Binance, KuCoin Request Source of Funds from Indian Users After FIU Registration
- Crypto exchanges Binance and KuCoin allegedly demand users’ personal information to facilitate transactions.
- The observations were made by users of the platforms not long after both exchanges completed registration with India’s FIU.
- Simple transaction errors made by users might also be flagged going forward.
Following Binance’s registration with India’s Financial Intelligence Unit (FIU), Indian-based cryptocurrency users have made claims that Binance now demands more information for users to carry out deposits and withdrawals on its platform. Market players have also highlighted the potential impact of the exchange’s most recent regulatory move.
As observed by Pushpendra Singh, a popular Indian crypto tech personality, cryptocurrency exchanges Binance and KuCoin have begun requesting sources of funds from their respective users. A screenshot Singh shared on X shows that users of both exchanges must now justify the source of their payments after each deposit. This includes providing the depositor’s PAN card, as required by the FIU. For larger crypto deposits, users must also provide their name, company, and Aadhaar number.
Withdrawals Remain U…
The post Binance, KuCoin Request Source of Funds from Indian Users After FIU Registration appeared first on Coin Edition.
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Binance, KuCoin Request Source of Funds from Indian Users After FIU Registration
- Crypto exchanges Binance and KuCoin allegedly demand users’ personal information to facilitate transactions.
- The observations were made by users of the platforms not long after both exchanges completed registration with India’s FIU.
- Simple transaction errors made by users might also be flagged going forward.
Following Binance’s registration with India’s Financial Intelligence Unit (FIU), Indian-based cryptocurrency users have made claims that Binance now demands more information for users to carry out deposits and withdrawals on its platform. Market players have also highlighted the potential impact of the exchange’s most recent regulatory move.
As observed by Pushpendra Singh, a popular Indian crypto tech personality, cryptocurrency exchanges Binance and KuCoin have begun requesting sources of funds from their respective users. A screenshot Singh shared on X shows that users of both exchanges must now justify the source of their payments after each deposit. This includes providing the depositor’s PAN card, as required by the FIU. For larger crypto deposits, users must also provide their name, company, and Aadhaar number.
Withdrawals Remain U…
The post Binance, KuCoin Request Source of Funds from Indian Users After FIU Registration appeared first on Coin Edition.
Read More