Binance has received a Virtual Asset Services License (VASP) from the Dubai Virtual Asset Regulatory Authority (VARA) for its local Dubai exchange, Binance FZE.
There will be an account migration for all UAE residents from Binance Global Exchange to the VARA regulated exchange Binance FZE.
To meet the onboarding requirements, all users residing in the UAE will be gradually notified via email to update their KYC details 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 be switched 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 having their account restricted to withdrawal only.