Binance clarified that the process of migrating user accounts from the United Arab Emirates (UAE) to the new platform will take place gradually and will be completed by the end of the year. However, UAE users will be required to update their account information and go through the identification process again.
During the transition period, UAE users will be able to access their existing accounts and services on Binance Global. After December 15th, all verified accounts will be automatically switched to Binance FZE (Binance Dubai). However, your login information and user IDs will remain unchanged.
The full Virtual Asset Service Provider (VASP) license will allow Binance FZE to offer exchange services, broker-dealer services, lending and borrowing services, as well as virtual asset management and investment services to its UAE users. In addition, UAE crypto investors will have access to bank deposits and withdrawals in dirhams (AED), as well as over 300 crypto assets.
Earlier, crypto lawyer from the UAE Irina Heaver reported that after the board of directors of the Central Bank of the United Arab Emirates (CBUAE) approved new rules for regulating the circulation of virtual assets, settlements in cryptocurrency in the region may be prohibited.
