Binance re-verification?

[Bitcoin Smith]

Anyone got the mail or popup notification from the Binance to get verified again? Reddit has been flooded with those topics for a couple of days now, but I don't think I haven't received any such notice but I haven't logged into my account for months now.

Just to state some facts, ignoring the verification doesn't change a thing right because Binance will share the data to the authorities so people doesn't have to assume that they can get away with 30% taxes if they skip this or delete their account.

We are doomed already.

[pawanjain]

Anyone got the mail or popup notification from the Binance to get verified again? Reddit has been flooded with those topics for a couple of days now, but I don't think I haven't received any such notice but I haven't logged into my account for months now.

Just to state some facts, ignoring the verification doesn't change a thing right because Binance will share the data to the authorities so people doesn't have to assume that they can get away with 30% taxes if they skip this or delete their account.

We are doomed already.

Yeah, even I came to know of this news and I felt furious when I came across a news where a person got a notice from the IT department for it.
He made some transactions in crypto and was asked to pay 1+ lakh INR in fine whereas his profit after those transactions was just 1500 INR.
The government is turning into a mafia "demandin" our hard earned money in the form of tax while providing nothing in terms of services in exchange of our money paid in taxes.

[TheUltraElite]

This is just a new for now right?

Neither one of you have received any actual notice - provided anyone else has also not got one.

Considering the news to be true, did the reddit source post the email text?

Although this can happen asking a fine of that amount means that the person has done something bad or is hiding something.

[Bitcoin Smith]

Considering the news to be true, did the reddit source post the email text?

Although this can happen asking a fine of that amount means that the person has done something bad or is hiding something.

Yes, the news is real and people are receiving emails like submit PAN details again even if they did already to continue trading, and I believe this is something to do with the FIU compliance.

About the fine amount, we don't know for sure but he just sold some cryptos for INR and made some money but didn't file tax which is why the penalty.

[pawanjain]

Considering the news to be true, did the reddit source post the email text?

Although this can happen asking a fine of that amount means that the person has done something bad or is hiding something.

Yes, the news is real and people are receiving emails like submit PAN details again even if they did already to continue trading, and I believe this is something to do with the FIU compliance.

About the fine amount, we don't know for sure but he just sold some cryptos for INR and made some money but didn't file tax which is why the penalty.

Could be but on the other hand, asking for such huge fine while the profit was mere 1500 is exorbitant.
May be the person who was asked to pay such hefty fine should consider consulting a CA and file a proper return.
It could also be that he didn't file the return correctly and hence was asked to pay such huge fine.

[avikz]

Here is the official announcement from Binance,

https://www.binance.com/en-IN/support/announcement/detail/0a217f4677f94092a7f6c94694b89baf

I am sure they are tightening their KYC processes as required by the Indian authorities. Nothing to be doomed, really! Indian exchanges require your KYC documents and they will have to inform the income tax department about every transaction. That's as per the process!

[Bitcoin Smith]

Here is the official announcement from Binance,

https://www.binance.com/en-IN/support/announcement/detail/0a217f4677f94092a7f6c94694b89baf

I am sure they are tightening their KYC processes as required by the Indian authorities. Nothing to be doomed, really! Indian exchanges require your KYC documents and they will have to inform the income tax department about every transaction. That's as per the process!

That's right, but asking for the KYC documents even who are already verified prior FIU compliance is what created this panic waves and there's nothing to be worried, we are just stuck in the same sinking ship as we were, we have to pay taxes on every profits or the IT will knock our doors (not literally) sooner or later.

[memehunter]

Here is the official announcement from Binance,
https://www.binance.com/en-IN/support/announcement/detail/0a217f4677f94092a7f6c94694b89baf

I never check notifications from Binance as they are super busy listing pumps and dumps coins every hour. But when I checked it now, I can confirm, that the notification is there. My profile is showing verified and there is no option to reverify anywhere till now. Good thing is no deposit and cashouts are suspended because of this process, you can do everything like before.
I am a little skeptical about the tightening of rules by the Indian government for the common people. I am 100% confident that many politicians and businessmen have used Binance in direct or indirect ways for laundering purposes and they will do everything to save their ass.   

[TheUltraElite]

Alright I found out a news article depicting the refreshing of KYC by Indian exchanges and this is being enforced by the FIU

Read here - FIU-IND Reportedly Sets June 30 Deadline for Crypto Exchanges to Redo KYC Verification

I think they are suspecting certain individuals of money laundering even with KYC in place - which if true brings in another question - how far does KYC actually help control money laundering? It is pretty strong in the US, why not here?

However law abiding citizens of India may not be on the crosshairs but it does infuse a sense of fear among common people.

[Bitcoin Smith]

I think they are suspecting certain individuals of money laundering even with KYC in place - which if true brings in another question - how far does KYC actually help control money laundering? It is pretty strong in the US, why not here?

However law abiding citizens of India may not be on the crosshairs but it does infuse a sense of fear among common people.

The difference is we don't have cyber laws that protect the privacy of an individual, we just give our Aadhar info to everywhere from grocery shopping to purchasing of cars or properties and no one can deny the fact that those collected information are often sold by the entity which collected for telemarketing companies. And in this case we can open an account using someone's KYC and the cost of it won't even be $50 to do that.

There is no point in enforcing strict KYC policies when the government lacks the policy framework to do that but what it does that makes the job of genuine user to be lot harder than what it is supposed to be.

[JSRAW]

^^What do you expect? Recently they said that Aadhaar,ration and PAN card are not proof of citizenship but identity/proof of residence that's it and some cases neither because of fake documents.

No wonder these documents get tossed around for fun by everyone.