Binance secures VASP license in Dubai 🎉 UAE users ready to move!

Binance Secures VASP License in Dubai: Transition to Binance FZE Exchange

Are you ready for a change in your crypto trading experience? Binance has exciting news for UAE residents! Binance has obtained a Virtual Asset Service Provider (VASP) license from Dubai’s Virtual Assets Regulatory Authority (VARA), leading to the transition of UAE resident accounts to Binance Dubai, a locally regulated exchange known as Binance FZE.

Transition to Binance Dubai

By December 15, 2024, all UAE resident accounts will migrate to Binance FZE exchange.
Users must update their Know Your Customer (KYC) information for compliance.
Binance will guide users through the KYC process via email.

Under the VASP license, Binance Dubai will offer various services, including cryptocurrency exchange, broker-dealer services, lending and borrowing, as well as virtual asset management and investment services. The platform will support over 300 virtual assets and enable deposits and withdrawals in local fiat currency (AED).

Asset Management and Compliance

Assets not supported on Binance Dubai will be liquidated before the KYC deadline.
Users with accounts on both Binance.com and Binance Dubai need to choose one account to maintain.
Binance is promoting early compliance with a chance to win prizes including Bitcoin.

Binance’s focus on the Middle East reflects its strategic decision amid tightening regulations in Western markets. This move follows Binance Dubai’s advancement to the third stage of Dubai’s regulatory process last year.

Eyeing the 200 Million User Milestone

Binance is close to reaching 200 million users, exceeding its competitor Coinbase’s user base.
New CEO Richard Teng anticipates surpassing 200 million users globally.
Growth factors include increased institutional adoption and clearer regulatory frameworks.

Future Prospects in Dubai

As Binance shifts its focus to Dubai, the future holds promise but also challenges in establishing a positive legacy.