Binance is transitioning all UAE resident accounts from its global exchange to Binance FZE. Binance FZE is a locally regulated entity recently obtaining a Virtual Asset Service Provider (VASP) license from Dubai’s Virtual Assets Regulatory Authority (VARA).
Account Shift 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. To meet onboarding requirements, all UAE resident users need to update their KYC information by submitting certain documents before the deadline of December 15, 2024. Users will gradually be contacted via email to update their KYC information.
During the transition period, users will continue to have full access to their accounts on the Binance Global Exchange until December 15, 2024. After the transition, their login credentials and UID numbers will remain unchanged, ensuring a seamless transfer to Binance FZE.
What the Future Holds for UAE Resident Users
Users are advised to update their KYC information to avoid any restrictions promptly. They can visit the Identification page on Binance’s website, click “Start Now,” and follow the instructions to upload the required documents.
Additionally, Binance has announced a promotional period from June 24, 2024, to October 30, 2024. Users who update their KYC information during this time will be eligible to a prize draw to share $500,000 in BTC rewards. The grand prize is 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 provide various 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 over 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 can disqualify any participants who tamper with the program or interfere with its operation. Any rewards may be cancelled if a user breaches any terms and conditions. Binance also reserves the right to amend these terms and conditions without prior notice. For any inquiries, users can contact Binance’s customer support team through live chat 24/7 or refer to the FAQ section on their website.
Final Words
Binance is working on serving UAE resident account holders better with its new development. This development involves the transfer of these accounts from its global exchange to Binance FZE.
Frequently Asked Questions
Does Binance Work in the UAE?
Yes, Binance works in the UAE.
Is there a Binance office in Dubai?
Yes, Binance has an office in Dubai.
Where is the Headquarters of Binance?
The headquarters of Binance is in George Town, Malta.
Is Binance a US-based Company?
Yes, Binance is a US-based company.
Can Binance Reverse a Transaction?
No, Binance does not reverse confirmed transactions.
How Long does Binance take to Refund?
Refund on Binance usually takes 24 hours.
How Long can a Binance Withdrawal take?
Withdrawals on Binance usually take 30 minutes.
