Binance, one of the world’s largest crypto exchanges, has made KYC (Know Your Buyer) re-verification compulsory for all new and current users in India. This step has been taken by Binance to meet the global compliance standards and further strengthening the safety of the user account.
PAN card information mandatory
Binance has clarified that under India’s Anti -Cash Laundering – AML laws, all Indian users will now have to submit a valid PAN (Everlasting Account Quantity) details. This rule has become a usual requirement for all crypto platforms registered in India.
Why KYC re-verification was necessary?
Registered under Financial Intelligence Unit (FIU) in India Binance Told that this process is being done completely under the law. The exchange has assured that all personal information of users will be protected and used only to meet legal requirements.
Information sent through email
Binance has given information about this change to the affected users through email, in which all the steps of the re-verification process have been explained in detail. The company has also thanked its users for supporting and following the rules.
Tax department’s strictness also became the reason
This update has come at a time when reports have recently come out whether the Source of Revenue Tax Branch is investigating whether 1% TDS (Tax deeduted at Supply) has been really charged on the crypto transactions.
Now Indian investors will have to either provide evidence whether they have paid TDS or will have to submit documents from which it is clear that this tax does not apply in their case. If you BNB Worth If you want to know about this, you can check the link given.
What is the meaning of users?
After this change, Indian users will have to complete the KYC Procedure to continue trading on binance. If not doing so, restriction can be imposed on their accounts. Users who have already done KYC may also have to update their information.
Therefore, it would be better to read the email sent by all users Binance carefully and complete the re-verification procedure as soon as possible, so that any kind of problem can be avoided.
Conclusion
The new KYC Re-Verification Procedure implemented by Binance is an important step for the safety and legal compliance of users in India. It is important for all Indian users to update their PAN details in time and follow the instruction sent by Binance. With this, not only will their accounts be safe, but any kind of transaction blockage in the future will also be avoided. This process is a step towards making crypto investment more transparent and reliable.
