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

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India’s Financial Intelligence Unit (FIU-IND) is mandating all cryptocurrency exchanges operating in the country to verify existing Know Your Customer (KYC) data of Indian users by the end of June. Exchanges must also refresh KYC details older than 18 months.

This directive, confirmed by crypto platforms Mudrex and Pi42, aims to ensure the accuracy of crypto holder information and identify individuals potentially evading national crypto tax laws. The FIU’s scrutiny arises from observations that some crypto users might be providing incomplete or inaccurate details. By enforcing stringent KYC verification, the FIU seeks to strengthen regulatory compliance and oversight within the burgeoning Indian cryptocurrency market, ultimately enhancing transparency and combating financial crime.

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