Binance’s relation with controversy is not new and despite that the firm is dedicated towards their expansion goals. After much anticipation, Binance has finally secured a Virtual Asset Service Provider (VASP) license from Dubai’s Virtual Assets Regulatory Authority (VARA), leading to a significant shift for its UAE users.
Binance announced that by December 15, 2024, all UAE resident accounts will migrate from Binance’s global platform to the locally regulated Binance FZE exchange, known as Binance Dubai.
As part of this transition, users are required to update their Know Your Customer (KYC) information. Binance will communicate with users via email to guide them through the KYC process, ensuring compliance with local regulations.
Binance Dubai, under the VASP license, will offer a comprehensive range of services including cryptocurrency exchange, broker-dealer services, lending and borrowing, as well as virtual asset management and investment services. The platform will support over 300 virtual assets and facilitate deposits and withdrawals in local fiat currency (AED).
Assets that are not supported on Binance Dubai will be liquidated before the KYC deadline, with specific timelines varying per asset. Users holding both Binance.com and Binance Dubai accounts will need to select one account to maintain, as multiple accounts per user will not be permitted on Binance FZE.
To encourage early compliance, Binance is running a promotion where users who complete their KYC updates before October 30, 2024, stand a chance to win from a total prize pool of $500,000 in Bitcoin, including a grand prize of 1 BTC.
This regulatory shift follows Binance’s strategic decision to focus on the Middle East amid tightening regulations in Western markets. It marks a significant step forward after Binance Dubai entered the third stage of Dubai’s regulatory process last year.
This development shows that Binance is approaching the milestone of 200 million users, currently boasting about 188 million users on its cryptocurrency exchange platform. Interestingly, this user base surpasses that of its competitor Coinbase, which stands at 108 million users.
Binance’s new CEO, Richard Teng, who took over from Changpeng Zhao in November, anticipates reaching over 200 million users globally shortly. Teng linked this growth to increased institutional adoption, more institutional investments entering the crypto space, clearer regulatory frameworks, and approvals of digital asset products in various jurisdictions, which are attracting new investor classes.
After struggling with regulations in multiple countries will Binance create a good history in Dubai, Only time will tell.
Also Read: Binance Delists Major Cryptocurrencies: Impact on SHIB, LINK, and Other Altcoins
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