Binance Gains Dubai License, Starts UAE User Transition on Local Exchange

Binance is shifting UAE resident accounts to its newly regulated local entity, Binance FZE, following Dubai’s Virtual Asset Service Provider license approval. 

This move enables UAE users to access a range of virtual asset services locally, including AED bank deposits and withdrawals. Binance FZE, now established as a regulated entity distinct from Binance Global Exchange, holds a full VASP license from Dubai’s regulatory authority. 

It will offer services such as exchange, broker-dealer, lending, borrowing, and virtual asset management and investment. Users will retain access to their accounts and current services until Dec. 15, when the transition completes, maintaining their login credentials and user ID numbers.

Clever Robot News Desk 27^th June 2024