Binance, the cryptocurrency platform, recently announced that traders in the UAE will have their accounts transferred from Binance Global to Binance Free Zone, regulated by the Dubai Virtual Assets Regulatory Authority (VARA). This move comes after Binance obtained a Virtual Asset Services Provider (VASP) license for its local trading platform in Dubai, known as “Binance Free Zone.”
In order to comply with the regulations set by VARA, all users residing in the Emirates will be contacted gradually via email to update their identity documentation information. They will need to submit specific documents for identity verification by the deadline on December 15, 2024. Users will receive continuous updates and correspondence about the transfer process until all UAE resident accounts are successfully transferred.
Despite the transfer, users will still have access to their accounts on Binance Global and can continue using the products and services available until December 15. Following this date, accounts will be moved to Binance Free Zone, and login information such as email, password, and user ID number will remain the same. Users are advised to update their identity verification information as soon as possible to prevent restrictions on account activities, limiting withdrawals.
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