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Binance, a prominent cryptocurrency exchange, has come under fire for several reasons over the last couple of years. This, however, hasnt stopped the exchange from expanding and exploring. Recently, the firm announced that Dubais Virtual Assets Regulatory Authority has granted it a Virtual Asset Service Provider [VASP] license. This license is specially for Binance FZE, the companys local exchange in Dubai.

The exchange said that citizens of the United Arab Emirates will need to go through a transition procedure from Binance Global to Binance FZE. Only once the KYC information is provided will this be feasible. Residents of the UAE will get an email requesting that they provide the necessary paperwork. This must be completed by December 15, 2024.

Binance announced that it has received a Virtual Asset Service Provider (VASP) licence from Dubais Virtual Assets Regulatory Authority (VARA) for its local exchange in Dubai, Binance FZE. All UAE resident users will gradually be contacted via email to update their KYC

Users dont have to worry about losing access to their existing accounts because the process is straightforward. Users can continue using Binance Globals services up until the above-mentioned deadline. The users accounts will then switch to Binance FZE after this date, but their UID number and login information wont change. This includes passwords and email.

Also Read: Binance Fined $2.25 Million By Indian Financial Authorities

There are around 188 million users on the cryptocurrency exchange at the moment. This surpasses its competitor, Coinbases 108 million user base. With big dreams for the exchange, Binance CEO Richard Teng took over from Changpeng Zhao in November. He expects that the company will surpass 200 million users worldwide sooner rather than later. He said,

Were seeing much greater institutional adoption and institutional money coming into this space [on] much greater regulatory clarity and a lot more jurisdictions approving [digital asset] products that bring in new investors classes.

Also Read: Binance Coin: How Much BNB Does CZ Hold?

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Binance To Shift UAE Operations To Local Exchange Binance FZE - Watcher Guru