Binance received a license from Dubai

Cryptocurrency exchange Binance has received its Virtual Asset Service Provider (VASP) license from Dubai’s regulatory authority. Thanks to this license, Binance started to move its users living in the United Arab Emirates (UAE) to its new local organization, Binance FZE. This change will allow UAE users to more easily access virtual asset services locally.

Binance received FZE license

Binanceannounced on Wednesday that it has received a full VASP license from Dubai’s Virtual Assets Regulatory Authority (VARA), making Binance FZE a local regulated entity in Dubai, separate from Binance Global Exchange.

What services will be offered?

Binance FZE includes exchange processes, broker-dealer services, lending and borrowing services, virtual asset management and investment services. Users in the UAE will have access to over 300 crypto assets and local currency (AED) bank deposits and withdrawals. Binance stated that all works offered on Binance Global Exchange will also be available on Binance FZE.

How will the transition process work?

Binance plans to migrate its users in the UAE to the new platform by December 15. During this process, users will be contacted via email and asked to update the required KYC information.

During the transition period, users will continue to access their existing accounts and use all products and services on Binance Global Exchange until December 15. After this date, accounts will be moved to Binance FZE with the same login information and user ID numbers.

This news was first published on the Coin Engineer website.