1. If I already have a global account registered in the UAE and a Binance Dubai account, will my two accounts be merged together?
No. Users will need to decide on which account they would like to keep.
If a user would like to keep their Binance Dubai account, they may move supported virtual assets from their global account to their Dubai account, and their global account will be put in withdrawal-only mode after the KYC deadline.
If a user would like to keep their global account, they will need to delete their Dubai account. Users will need to complete KYC on their global account as instructed, so that the account can qualify to be migrated to Binance Dubai.
2. What will happen to my global account that is registered in the UAE when the transition period begins, while I already have an existing Dubai account? Will they be included in the migration starting in June 2024?
Users cannot maintain more than one account on Binance Dubai. From the time of migration announcement until the KYC deadline, users will receive an email notification informing them to complete additional KYC verification on their global account.
Users will need to decide whether they would like to keep their global account or their Dubai account. Please refer to the explanation in Question 1 on the next steps to take.
3. Can my transaction records be exported after my global account is put in withdrawal-only mode (WOM)?
Yes. Even though users’ actions will be restricted to withdrawal-only mode, they can still access transaction records in [Transaction History].
4. If I want to register an account while traveling in the UAE, how should I register such that my account will not be registered in the UAE?
Users can enter the Binance Dubai KYC registration flow by filling in ‘United Arab Emirates (UAE)’ under ‘Country of Residence(CoR)’ when they sign up. If they are traveling, they should still be entering their original CoR and not the holiday destination.
5. If I already have a Binance global account, can I have both a global account and a Binance Dubai account after relocating to Dubai?
For users with an existing Binance account, they will not be able to create another account.
Users will need to update their KYC details on their existing global account with ID documentation to prove that their Country of Residence is United Arab Emirates (UAE) so that their account can be migrated to Binance Dubai. Users will be informed closer to the KYC deadline (December 2024) about liquidation of unsupported tokens/products.
6. When will the unsupported tokens be converted into USDT or BTC and at what price?
Unsupported assets will be liquidated by the KYC deadline before eligible users are migrated to the Binance Dubai regulated platform. The exact date of liquidation may vary from asset to asset as liquidation may take place near the deadline.
7. If the user does not agree to liquidation of unsupported token into BTC or USDT, can they continue to complete KYC verification? Or does the user need to withdraw the unsupported token before completing KYC verification?
During the KYC verification process, users will need to agree that any remaining unsupported assets will be liquidated into BTC or USDT after the KYC deadline. However, users will still have ample time to withdraw or liquidate their position(s) of those assets from the time of completion of KYC until the KYC deadline.
8. Why can I only have one account? I remember that in the past, Binance users could have a global account and a Binance Dubai account respectively.
Previously, Binance Dubai obtained the MVP license which allowed users to maintain both accounts on the global platform and the regulated Binance Dubai platform. However, with the VASP license granted to Binance Dubai announced on 18 April 2024 , UAE residents will only be able to maintain an account under the VARA-regulated Binance Dubai platform after the KYC deadline.
9. I am a UAE resident but I do not want to re-register with a new exchange, I want to keep using Binance global platform, is this possible?
If you are a UAE resident and already have an existing account with Binance, you must update your KYC to prove that you are a UAE resident and qualify as a user under the VARA-regulated Binance Dubai platform. You will still have access to the global exchange until the end of the transition period. Once the transition period lapses, if your KYC update has not been completed, your account will be put into withdrawal-only mode and you will be restricted from using the platform.
10. What are my options if I do not wish to migrate to the Binance Dubai platform but wish to continue accessing the global platform?
After the KYC deadline (December 2024), users who do not remediate their KYC to qualify as a Binance Dubai user, will have their existing accounts be put in withdrawal-only mode and they will be restricted from using the platform until they remediate their KYC.
11. I possess permanent residency in more than one country. In this case, can I reset KYC and use my ID documentation belonging to another country so that I will not need to migrate to Binance Dubai platform?
- If you have selected UAE as your Country of Residence in the past, but you have immigrated to another country now, you can reset your KYC and submit an updated “Proof of Address” document to change your country of residence.
- If you have multiple residencies, you need to choose one based on your current address and submit Proof of Address (POA) to verify.
12. May I know what are the supported virtual assets on Binance Dubai?
You may refer to this page for a list of supported virtual assets on Binance Dubai.
13. I have an open position involving unsupported tokens on my Binance Global platform, what should I do with my position?
As we approach closer to the transition deadline, we will communicate any further impacts or actions required by users throughout the transition period.
14. When and what is the transition period?
UAE Resident customers of Binance global platform will be notified to update their KYC information. The updated KYC onboarding requirement will not affect your current account access.
As we approach closer to transition deadline, we will communicate any further impact or actions required by users throughout the transition period.
After December 2024, users’ accounts will transition to Binance Dubai, but login credentials (Email & Password) and UID number will remain the same.
Users who do not remediate their KYC to qualify as a Binance Dubai user will have their account be put in withdrawal-only mode and they will be restricted from using the Binance platform.