Binance has received a Virtual Asset Service Provider (VASP) licence from Dubai’s Virtual Assets Regulatory Authority (VARA) for its local exchange in Dubai, Binance FZE.
There will be an account transition for all UAE residents from the Binance Global Exchange to the VARA-regulated Binance FZE exchange.
To meet onboarding requirements, all UAE resident users will gradually be contacted via email to update their KYC information by submitting certain documents by the KYC deadline (2024-12-15).
The transition process will not affect users’ current account access and they can continue to use products and services already available on Binance’s Global Exchange until 2024-12-15. After this date, the user’s account will transition to Binance FZE, but the login credentials (email & password) and UID number will remain the same.
Users are reminded to update their KYC information at the earliest to avoid the restriction of their account to withdrawal only.
