World Crypto Global
- Written by: Damian Chmiel
- Wed, 26 Jun 2024
- Israel
Binance hasannounced a significant transition for its United Arab Emirates (UAE) users.Following the receipt of a full Virtual Asset Service Provider (VASP) licensefrom Dubai's Virtual Assets Regulatory Authority (VARA), Binance will migrateall UAE resident accounts from its global platform to the locally regulatedBinance FZE exchange (Binance Dubai).UAE Residents toTransition from Binance Global to Binance DubaiThetransition process, set to begin today (Wednesday), will require UAE residentsto update their Know Your Customer (KYC) information by December 15, 2024.Users will be contacted via email with instructions on submitting the necessarydocumentation.During thetransition period, UAE users can continue to access their existing BinanceGlobal accounts and services. After December 15, accounts will be automaticallymoved to Binance Dubai, with login credentials and user IDs remainingunchanged.Binance FZEwill offer a range of services, including exchange, broker-dealer, lending andborrowing, and virtual asset management and investment services. The platformwill support over 300 virtual assets and provide access to local fiat currency(AED) deposits and withdrawals.Binance guides UAE users to transition accounts to VARA-regulated Binance FZECrypto exchange Binance has announced on its official website that all UAE residents will transition their accounts from the Binance Global Exchange to the Binance FZE exchange, regulated by the Dubai CoinNess Global (@CoinnessGL) June 26, 2024Unsupportedassets will be liquidated by the KYC deadline before eligible users aremigrated to the Binance Dubai regulated platform. The exact date of liquidationmay vary from asset to asset as liquidation may take place near the deadline,Binance commented.Users withboth Binance.com and Binance Dubai accounts will need to choose which accountto maintain, as Binance FZE will not allow multiple accounts per user. Thosewho do not complete the KYC process by the deadline will have their accountsrestricted to withdrawal-only mode.Toincentivize early compliance, Binance is offering a promotion for users whocomplete their KYC updates before October 30, 2024. Participants will beentered into a prize draw with a total reward pool of $500,000 in Bitcoin,including a grand prize of 1 BTC.Binance Dubai ExpandServicesThemovement described above is possible thanks to the decision made in April, whenBinance Dubai received a VASP license from VARA. This development comes nearlya year after Binance entered the third stage of Dubai's four-stage regulatoryprocess. As FinanceMagnates reported in June last year, Binance decided to focus on the MiddleEast due to regulatory pressures in Western markets. For instance, Binance hadto deregister in the UK, and also leave the Netherlands and Cyprus. Moreproblems in Europe emerged today with the implementation of regulationsconcerning stablecoins as part of the European MiCA initiative. Due to theseregulations, Binance will have to restrict access to a range of services basedon "unauthorized stablecoins" and suspend its copy trading service.This article was written by Damian Chmiel at www.financemagnates.com.
