Binance is transferring the accounts of UAE residents to its newly regulated local entity, Binance FZE, after obtaining a Virtual Asset Service Provider license from Dubai’s regulatory body. This shift will enable users in the UAE to avail themselves of various virtual asset services locally, including the option for AED bank deposits and withdrawals.
Officially Licensed: Binance’s Local Offering in the UAE
In a recent announcement, cryptocurrency exchange Binance revealed its plans to migrate accounts belonging to residents of the United Arab Emirates (UAE) to Binance FZE, its regulated local entity situated in Dubai. This strategic move comes on the heels of securing a Virtual Asset Service Provider (VASP) license from Dubai’s Virtual Assets Regulatory Authority, thereby positioning Binance FZE as a locally regulated entity in Dubai distinct from the global Binance Exchange.
The key highlights of the announcement are as follows:
Binance FZE holds the status of a local regulated entity with a comprehensive VASP license granted by the Dubai Virtual Assets Regulatory Authority (VARA).
With its full VASP license in hand, Binance FZE is poised to offer an array of virtual asset solutions, spanning exchange services, brokerage, lending and borrowing facilities, as well as virtual asset management and investment offerings. UAE-based users will now have the opportunity to engage in local fiat currency (AED) transactions for bank deposits and withdrawals, coupled with the availability of over 300 cryptocurrencies. Furthermore, it’s worth noting that all the existing products on the Binance Global Exchange will seamlessly transition over to Binance FZE.
In order to adhere to the onboarding procedures, UAE residents will receive gradual outreach via email prompting them to update their Know Your Customer (KYC) information by furnishing the requisite documents before the looming deadline of December 15. Throughout this transitional phase, users will retain access to their present accounts and can continue utilizing the array of products and services offered on the Binance Global Exchange up until December 15. Following this date, accounts will smoothly shift to Binance FZE while maintaining the same login credentials and user ID particulars.
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