Binance, the popular cryptocurrency exchange, has announced that it will be moving resident accounts in the United Arab Emirates (UAE) to its regulated local entity, Binance FZE. This transition comes after Binance obtained a Virtual Asset Service Provider (VASP) license from Dubai's Virtual Assets Regulatory Authority, allowing UAE users to access various virtual asset services locally, including the ability to make AED bank deposits and withdrawals.
The move to establish Binance FZE as a regulated local entity in Dubai is significant, as it sets it apart from the Binance Global Exchange. Binance FZE now holds a full VASP license from the Dubai Virtual Assets Regulatory Authority (VARA), enabling it to offer a range of virtual asset services, such as exchange services, broker-dealer services, lending and borrowing services, and virtual asset management and investment services. UAE users will also have access to over 300 crypto assets, as well as the option to make local fiat currency (AED) bank deposits and withdrawals. Furthermore, all the products currently available on the Binance Global Exchange will be accessible on Binance FZE as well.
To ensure compliance with onboarding requirements, residents of the UAE will be contacted gradually via email and asked to update their KYC (Know Your Customer) information by submitting the necessary documents before the deadline of December 15th. During the transition period, users will still be able to access their current accounts and use the existing products and services on the Binance Global Exchange. However, starting from December 15th, their accounts will be moved to Binance FZE while maintaining the same login credentials and user ID numbers.
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