Dubai Licenses Binance FZE, Initiates Migration for UAE Users

Binance is transitioning UAE resident accounts to its new regulated local entity, Binance FZE, following a Virtual Asset Service Provider license from Dubai’s regulator. This change will allow UAE users to access various virtual asset services locally, including AED bank deposits and withdrawals.

Crypto exchange Binance announced that UAE resident accounts will be transitioned to Binance FZE, its regulated local entity in Dubai. This follows the receipt of a Virtual Asset Service Provider (VASP) license from Dubai’s Virtual Assets Regulatory Authority (VARA). This move establishes Binance FZE as a regulated local entity in Dubai, distinct from the Binance Global Exchange.

The announcement details: “Binance FZE is a local regulated entity with a full VASP licence from the Dubai Virtual Assets Regulatory Authority (VARA).”

Enhanced Services for UAE Users

With a full VASP license, Binance FZE will offer several virtual asset services, including exchange services, broker-dealer services, lending and borrowing services, and virtual asset management and investment services. UAE users will have access to local fiat currency (AED) bank deposits and withdrawals, along with over 300 crypto assets. The announcement adds that all products currently available on the Binance Global Exchange will also be available on Binance FZE.

To comply with onboarding requirements, UAE residents will be gradually contacted via email to update their KYC information by submitting necessary documents before the deadline of December 15. During the transition period, users will retain access to their current accounts and continue to use existing products and services on the Binance Global Exchange until December 15. After this date, accounts will transition to Binance FZE while retaining the same login credentials and user ID numbers.