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Binance is set to transition all UAE resident accounts from its global exchange to Binance FZE, a locally regulated entity that recently received a Virtual Asset Service Provider (VASP) license from Dubais Virtual Assets Regulatory Authority (VARA), according to Binance.

This significant move aims to comply with local regulations and enhance user protection. Binance FZE, now fully licensed, will manage the accounts of UAE residents, ensuring adherence to the highest standards of compliance and innovation.

All UAE resident users will be required to update their KYC information by submitting certain documents before the deadline of December 15, 2024. Binance will contact users via email with instructions and deadlines for these updates.

During the transition period, users will continue to have full access to their accounts on the Binance Global Exchange until December 15, 2024. Post-transition, their login credentials and UID numbers will remain unchanged, ensuring a seamless transfer to Binance FZE.

Users are advised to promptly update their KYC information to avoid any restrictions. They can visit the Identification page on Binances website, click Start Now, and follow the instructions to upload the required documents.

Binance has also announced a promotion period from June 24, 2024, to October 30, 2024. Users who update their KYC information within this period will be entered into a prize draw to share $500,000 in BTC rewards, with the ultimate prize being 1 BTC. Winners will be selected based on the BNB Smart Chain hash value and announced on January 1, 2025.

Binance FZE will offer a range of services, including exchange services, broker-dealer services, lending and borrowing services, and virtual asset management and investment services. Additionally, users will have access to bank deposits and withdrawals in local fiat currency (AED) and more than 300 virtual assets. All products available on the Binance Global Exchange will also be accessible on Binance FZE.

For any inquiries, users can contact Binances customer support team via live chat 24/7 or refer to the FAQ section on their website.

Binance FZE is committed to providing a secure and compliant trading environment for UAE residents, ensuring that all regulatory requirements are met and user protection is prioritized.

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Binance to Transition UAE Resident Accounts to Binance FZE - Blockchain News