FIU-IND Sets June 30 Deadline for Crypto Exchanges to Reverify KYC Data in India
The Financial Intelligence Unit of India (FIU-IND) has issued a directive to all crypto exchanges operating in India to complete KYC (Know Your Customer) re-verification for Indian users by June 30, 2025. The mandate applies to KYC records older than 18 months, and aims to tighten oversight of crypto transactions and enhance compliance with India’s
FIU-IND Sets June 30 Deadline for Crypto Exchanges to Reverify KYC Data in India
The Financial Intelligence Unit of India (FIU-IND) has issued a directive to all crypto exchanges operating in India to complete KYC (Know Your Customer) re-verification for Indian users by June 30, 2025. The mandate applies to KYC records older than 18 months, and aims to tighten oversight of crypto transactions and enhance compliance with India’s evolving digital asset regulations.
Crypto exchanges like Mudrex and Pi42 confirmed the development to Gadgets 360, stating that the measure is focused on ensuring accurate user information and better enforcement of the 1% TDS (Tax Deducted at Source) rule applied to crypto transactions in India.
India Strengthens Oversight of Virtual Digital Asset (VDA) Sector
The FIU reportedly observed widespread non-compliance with TDS laws by both crypto users and exchanges, leading to a more aggressive regulatory push. The Bharat Web3 Association (BWA), an independent body promoting blockchain and crypto policy in India, supported the move, calling it a key step toward regulatory transparency.
“The FIU-IND has directed all registered VDA exchanges to enhance KYC compliance by June 30 under the Prevention of Money Laundering Act (PMLA),” BWA posted on LinkedIn. “This includes updating user data and re-verifying accounts older than 18 months.”
Crypto Exchanges Respond to KYC Directive
Leading exchanges like Binance have already begun notifying Indian users via email about the re-verification process. Users are being asked to submit their PAN (Permanent Account Number), a mandatory 10-digit taxpayer identification number issued by the Indian government.
Edul Patel, CEO of Mudrex, emphasized the need for proactive compliance, stating:
“All crypto exchanges in India must conduct periodic re-KYC and ensure TDS reporting to the government. Educating users about tax obligations is essential to maintaining regulatory compliance.”
Aligning India with Global Crypto Regulations
Sudhakar Lakshmanaraja, founder of Web3-focused group Digital South, noted that this move aligns India with global trends in crypto regulation.
“Proactive steps like these boost confidence among investors and show India’s commitment to responsibly integrating into the digital asset economy.”
India Still Awaits Comprehensive Crypto Legislation
While this directive signals progress, India has yet to introduce comprehensive crypto legislation. In February 2025, RBI Governor Sanjay Malhotra confirmed that a discussion paper on crypto regulation is underway, aiming to clarify India’s long-term stance on the Virtual Digital Assets (VDA) sector.
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