Binance to Transition UAE Resident Accounts to Binance FZE
Ted Hisokawa Jun 26, 2024 12:03
Binance announces the transition of UAE resident accounts to Binance FZE, following a VASP license from Dubai’s VARA.
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 Dubai’s Virtual Assets Regulatory Authority (VARA), according to Binance.
Account Transition to Binance FZE
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.
Next Steps for UAE Resident Users
Users are advised to promptly update their KYC information to avoid any restrictions. They can visit the Identification page on Binance’s 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 Services and Products
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.
Terms & Conditions
- Only users who update their KYC information by the end of the promotion period will be eligible for rewards.
- Eligible participants must fulfill all requirements during the promotion period.
- Binance reserves the right to disqualify any participants who tamper with the program or interfere with its operation.
- Binance may cancel any rewards if a user breaches any terms and conditions.
- Binance reserves the right to amend these terms and conditions without prior notice.
- Additional terms and conditions can be accessed on Binance’s website.
For any inquiries, users can contact Binance’s 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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