Binance crypto exchange announced to its UAE users, that after receiving its VASP license from Dubai’s virtual asset regulatory authority for their local crypto exchange in Dubai, users in UAE need to transition their accounts to Binance FZE in UAE.

Part of the onboarding requirements is that all UAE resident users will need to update their KYC information by 15th December 2024.  

As per the blog post affected users will receive continuous updates and communications regarding the process at different stages from now until all UAE resident accounts have been successfully transitioned. The transition process will not affect users’ current account access and they can continue to use products and services already available on Binance’s Global Exchange until 2024-12-15. After this date, the user’s account will transition to Binance FZE, but the login credentials (email & password) and UID number will remain the same. Users are reminded to update their KYC information at the earliest to avoid the restriction of their account to withdrawal only

All UAE resident users who update their KYC information before 2024-10-30 will be automatically entered into a Prize Draw to share $500,000 in BTC rewards, with the ultimate prize being 1 BTC! Winners will be selected through the BNB Smart Chain hash value on 2025-01-01 23:59 (UTC) and announced via email. 

Binance UAE users will be able to access t bank deposits and withdrawals in local fiat currency (AED) and more than 300+ virtual assets, UAE resident users can rest assured knowing that all products already available on the Binance Global Exchange will also be available on Binance FZE.