FIU-IND Orders Crypto Exchanges to Redo KYC by 30 June
Why in the news
FIU-IND ordered registered crypto exchanges to refresh user KYC by 30 June 2025, as required by the Prevention of Money Laundering Act.
Key facts
- Stricter data collection for accounts judged “risky”.
- Users must file tax returns to claim TDS exemption; skipping this is a PMLA lapse.
- Penalties or operating limits may follow breaches; some no-TDS transactions are under tax investigation.
Exchanges
| Exchange | Status |
|---|---|
| Binance | Fined ₹18 crore earlier; re-verifying KYC with PAN |
| Bybit | Settled ₹9.27 lakh fine; seeking fresh KYC |
| Coinbase Global | Newly registered; planning retail launch |
Background
Gains from Virtual Digital Assets (VDAs) are taxed at 30% under the 2022 Union Budget.