Binance to Transition UAE Resident Accounts to Binance FZE

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.

Image
source:
Shutterstock