Wu said that Binance has obtained a virtual asset service provider (VASP) license from the Dubai Virtual Asset Regulatory Authority (VARA) and will operate a local exchange, Binance FZE, in Dubai. All UAE resident users will transition from global exchange accounts to Binance FZE accounts regulated by VARA. According to Binance's official website, users must complete the KYC information update before December 15, 2024, and the transition process will not affect the access rights of existing accounts.