- Binance has announced updates for UAE residents to transition their accounts to the new Binance FZE exchange by the end of the year.
- This update follows Binance’s acquisition of a VASP license to operate a local exchange in Dubai.
- Residents have until December 15, 2024, to complete the transition and verify KYC information.
Binance announces an account transition plan for UAE residents following its VASP license acquisition, ensuring seamless migration to the Binance FZE exchange.
Major Update in Account Transition for UAE Users
Binance has recently provided a crucial update for its UAE users, following its acquisition of a Virtual Asset Service Provider (VASP) license from Dubai’s Virtual Assets Regulatory Authority (VARA). This update pertains to the necessary procedures for UAE residents to transition their accounts from the global Binance exchange to the newly established Binance FZE exchange. The deadline for the completion of this transition is December 15, 2024. As part of this initiative, users will need to complete and update their KYC verification through instructions sent via email.
Seamless Account Migration and User Benefits
This transition aims to ensure that users’ account functionalities remain uninterrupted, allowing them to continue using their accounts as usual until the given deadline. From December 15, the transition will begin automatically, with login credentials remaining unchanged to facilitate a seamless process for all users. To encourage timely compliance, Binance has also announced a promotion period from June to the end of October, during which UAE residents who update their KYC information by October 30 will be eligible for a prize of 1 BTC. The prize will be distributed on January 1, via the BNB Smart Chain Hash Value.
Introduction to Binance FZE’s Offerings
Binance FZE, regulated by VARA, will provide a variety of services including broker-dealing, lending and borrowing, as well as virtual asset management and investment services. It is important to note that only users who complete the verification process within the promotion period will be able to participate fully in the exchange’s activities. Binance’s efforts to streamline user experience are further evident in their recent plans to delist certain tokens such as Shiba Inu and Chainlink.
Conclusion
In summary, Binance’s account transition plan for UAE residents marks a significant step in enhancing its regional presence following the acquisition of a VASP license. By offering comprehensive services through Binance FZE and incentivizing early compliance with a BTC prize, Binance underscores its commitment to user experience and regulatory alignment. Users are advised to complete the required KYC updates promptly to ensure a smooth transition and take full advantage of the new offerings.
