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Crypto exchange Binance unveiled a crucial announcement to users in the United Arab Emirates.
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After acquiring the VASP certificate from Dubai’s Virtual Assets Regulatory Authority, the trading firm has revealed how users can migrate to the licensed Binance FZE exchange.
Next stage: account transition
Meanwhile, Binance unveiled the account transition process for UAE users on 26 June.
Residents can now migrate their accounts from the global exchange to Binance FZE.
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Users should complete KYC authentication (requested via email) to qualify. They have up to 15 December 2024 for this transition.
The exchange added that user accounts will function as usual during the transition, and individuals can keep using them until the highlighted deadline.
However, the account swap will start on 15 December 2024, with login details remaining unchanged for a seamless transition.
Furthermore, Binance announced a promotion between June and October to support the changeover.
UAE users who update their KYC details before 30 October qualify for a 1 BTC reward.
The firm will distribute the prize on 1 January 2025 through the BNB Smart Chain.
Meanwhile, Binance’s latest moves in UAE align with Dubai’s goal of becoming a global hub for legitimate cryptocurrency businesses.
The worldwide transaction value of all digital assets stands at above $1.2B, and analysts expect the number to double by 2030.
The UAE government plans to tap into this potential, and ensuring compliance is the first step towards ensuring the sector’s robust growth.
More about Binance FZE
Binance FZE is a regulated exchange offering various crypto amenities to UAE residents, including lending & borrowing, virtual asset management, broker dealing, and digital investment services.
Meanwhile, only individuals who complete the highlighted verification procedure (during the promotion window) will access the exchange’s services.
Binance’s account migration for UAE users marks a vital milestone in cementing its regional footprints after acquiring the VASP certificate.
The licensed Binance FZE and 1 BTC reward for early adherence highlight the exchange’s dedication to regulatory compliance and enhancing user experience.
UAE residents should complete the KYC requirements for a smooth migration to enjoy Binance FZE’s new offerings.
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