The level of regulatory compliance by Binance Exchange is now reaching the next level in India, where crypto traders are finding Binance less favourable as a crypto trading platform.
Binance is a top-ranked crypto exchange. The dominance of this exchange is very significant in every crypto market, including the Indian crypto market. In the last few months, Binance Exchange secured FIU registration and assured that its services will remain in full compliance with regulatory measures.
These days, some Binance users have noted that they are facing a small barrier when trying to deposit funds into their Binance crypto accounts. In particular, a Binance user reported that he tried to deposit nearly $1,000 worth of Tether stablecoin, but Binance asked for details about the source of funds so that the exchange could comply with regulatory requirements.
Binance is giving users the option to clarify whether they received funds from a company or an individual and further asking for every detail about that entity, including name, country of origin, PIN code, address, PAN, or national ID number.
All these new measures are intended to help Binance comply with India’s FEMA act and assist in prohibiting money laundering. However, the majority of Binance customers are criticising this option because there is no option for a self-crypto wallet, where Binance users could add their non-custodial wallets as their personal wallets.
Some users noted that this is not a new development, as similar restrictions were introduced two years ago in South Korea. There, no individual is allowed to transfer crypto funds from centralised to centralised or decentralised wallets blindly. All users must first provide and verify the source of their fund deposits.
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