Nueva Delhi, India – according to reports, after the PAN card verification rule became mandatory for all, an increasing number of Indian cryptocurrency investors withdraw their Binance funds. This step is taken to follow the financial regulations of India, but many Indian investors or users are concerned about it.
Why do investors leave?
According to current reports, Binance recently said that this is mandatory for all Indian users who invest in cryptocurrencies must complete their identity verification linking their permanent account card (PAN). According to reports, people who are not doing or do not complete their identity verification can face temporary restrictions on their official account, which also includes limits in trade and retreats. So many investors are concerned that tax officials review their accounts more deeply, and have a great impact on their cryptographic investments or any market share.
Destination date for the verification of the pan
According to the reports, Binance has given a last date of April 20, 2025 for Indian users who are investing their funds in the cryptography market to verify their accounts with their official bread card. If after this given date, users who have not completed their account verification process will not be able to trade in any market or withdraw funds from their official accounts.
Effect on the cryptographic community
According to reports, many of the Indian cryptographic merchants who do not want to complete their identity verification by PAN card are changing their funds to other exchanges that do not require identity verification by card bread and any other requirement. Many investors are investing their investments in decentralized wallets to avoid this type of identity verification.
Legal requirements in India
According to reports, after facing government pressure in 2024, Binance was officially registered with the Indian Financial Intelligence Unit (FIU-Ind). This was observed by the new KYC policy guidelines (know your client) to complete your agreement with the laws against money laundering, and this requirement of verification of the PAN card is part of this procedure.
What should investors do?
After the objective date given is March 31, Binance users want to decide whether to complete their identity verification under the new rules and regulations for Binance or withdraw their funds before the impact of restrictions. The experts also gave their advice to all who invested to update the given changes and other exchanges if necessary.
According to reports, India is restricting its control of cryptocurrency rules and regulations; Binance shows its signals to advance in strict rules and regulations of agreement, which can show some effect on the cryptography trade market in the coming months.
