Binance is transitioning UAE resident accounts to its new regulated local entity, Binance FZE, following a Virtual Asset Service Provider license from Dubai’s regulator. This change will allow UAE users to access various virtual asset services locally, including AED bank deposits and withdrawals.
Binance's Local Exchange Receives Dubai License, Initiates UAE User Migration
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Binance’s Local Exchange in UAE Now Licensed
Crypto exchange Binance announced on Wednesday that United Arab Emirates (UAE) resident accounts will be transitioned to Binance FZE, its regulated local entity in Dubai, following the receipt of a Virtual Asset Service Provider (VASP) license from Dubai’s Virtual Assets Regulatory Authority. This move establishes Binance FZE as a regulated local entity in Dubai, distinct from the Binance Global Exchange.
The announcement details:
Binance FZE is a local regulated entity with a full VASP licence from the Dubai Virtual Assets Regulatory Authority (VARA).
Binance FZE, equipped with a full VASP license, will offer several virtual asset services, including exchange services, broker-dealer services, lending and borrowing services, and virtual asset management and investment services. UAE users will have access to local fiat currency (AED) bank deposits and withdrawals, along with over 300 crypto assets. The announcement adds that all products currently available on the Binance Global Exchange will also be available on Binance FZE.
To comply with onboarding requirements, United Arab Emirates residents will be gradually contacted via email to update their KYC information by submitting necessary documents before the deadline of Dec. 15. During the transition period, users will retain access to their current accounts and continue to use existing products and services on the Binance Global Exchange until Dec. 15. After this date, accounts will transition to Binance FZE while retaining the same login credentials and user ID numbers.
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