On April 18, 2024, Binance announced that it had been granted a full license by the Dubai Virtual Assets Regulatory Authority (VARA), allowing it to offer its services to residents of the UAE. This news was welcomed by users of the platform in the UAE, as Binance is the first global platform to receive this license. It is also expected to enhance users’ access to the platform and provide them with bank transfer methods, which was a barrier for many.

But with the launch of Binance Dubai, Binance will start transferring user accounts in the UAE to the local platform Binance Dubai. In this article, we will go over all the details and answer many questions that users have in mind.

What is Binance Dubai?

Binance Dubai is the official branch of Binance in Dubai, and the platform has obtained an operating license from the VARA Authority, which is responsible for regulating cryptocurrency activities. The license includes four licensed activities for Binance in the UAE, which are:

  • Exchange services

  • Broker-Dealer Services

  • Lending and borrowing services

  • Virtual Asset Management and Investment Services

What is the difference between Binance Dubai and Binance Global?

The big difference is in the type of services offered and the currencies available for trading. On Binance Dubai, you will be able to trade 250 currencies, including BTC, ETH, LTC, TRX, Link, and more. These currencies represent about 90% of the total market capitalization of the market. You can visit this page to see the full list of currencies available for trading on Binance Dubai.

Another important feature is that deposits and withdrawals in Binance Dubai are available in AED or BHD, this is because the license allows access to banking channels for users.

How to switch your account to Binance Dubai?

If you already have an account on the Binance Global platform, all you need to do is update your account KYC details. Upon logging in, you will see a message asking you to update your KYC to move to the Binance Dubai platform.

KYC renewal procedures include the following:

  • Submitting identity documents

  • Liveness Check

  • Provide proof of residential address

  • Disclosure of politically exposed persons

  • Submitting source of wealth data

  • Confirm if you hold the nationality of another country and provide tax information if any.

How do you provide proof of residential address?

Proof of address or POA is a procedure that requires providing proof that you are a resident of the UAE, and you can provide proof in several ways:

The first method: Link your bank account. The supported banks are:

  • Abu Dhabi Islamic Bank

  • Dubai Islamic Bank

  • Emirates National Bank

  • First Abu Dhabi Bank

  • HSBC Bank

  • LIV Bank 

  • RAK Bank

  • Sharjah Islamic Bank

  • Wio Bank

  • EI 2.0 by Emirates Islamic Bank

The second method: Submitting a document proving residence, such as:

  • Lease contract

  • Bank statement

  • Dubai Electricity and Water Authority (DIWA) Bill

  • Internet/Telephone Bill (including mobile)

  • Empower Bill

How do you provide proof of wealth?

Proof of Wealth or SOW requires you to provide a document that shows your source of wealth. This requirement is in place to prevent money laundering. Sources of wealth that you can provide documents for include:

  • Salary

  • Freelance

  • Inheritance

  • Donate

  • Loans/Mortgages

  • Corporate Profits

  • Financial investment

  • Pension

  • Company ownership

  • Savings

  • Real Estate

  • Cryptocurrency investment

If your source of wealth is any of these things, you will be asked to provide a document proving this.

What is a political figures disclosure?

Politically-held individuals must disclose this when registering on the platform. This applies to the person himself, as well as his spouse or one of his children. Positions that must be disclosed include:

  • Head of State

  • Prime Minister

  • minister

  • Deputy or Assistant Minister

  • parliamentary secretary

  • Member of Parliament

  • Supreme Court Justice

  • Judge of the Constitutional Court or other higher judicial bodies

  • Member of the Audit Bureau

  • Member of the Board of Directors of the Central Bank

  • ambassador

  • Counselor at the embassy

  • senior officer in the armed forces

  • Member of an administrative or supervisory body in state-owned companies

What happens if I don't transfer my account to Binance Dubai?

Binance explained in an earlier statement that it will give users in the UAE until December 15 to update their KYC and transfer their accounts to Binance Dubai. If they fail to do so, deposit and trading services on their accounts will be suspended, and the accounts will only be available for withdrawal until the KYC is updated.

What happens to unsupported currencies in Binance Dubai?

If you hold a non-supported currency on Binance Dubai and have not sold or converted it outside the platform, the platform will convert it on your behalf to USDT or BTC at the mandatory conversion date in December.

This is because the Binance Dubai platform will support certain currencies. So, make sure that all the currencies in your account are present on Binance Dubai. If any of the currencies are missing, you have two solutions:

  • The first is that you sell it before that date.

  • The second is that you withdraw it to your own external wallet.

I don't want to transfer to Binance Dubai, what is the solution?

If you are registered on Binance and are not currently residing in the UAE, you can avoid the transfer by clicking on Reset KYC.

With this procedure, you will need to do a new KYC, where you can add your new country of residence. This way, you will keep your Binance global account without any problems.