🎉 Cryptocurrency exchange Binance announced that it has received a Virtual Asset Service Provider (VASP) license from the Dubai Virtual Asset Regulatory Authority (VARA) for its Dubai branch Binance FZE. 📈

• With this license, Binance plans to migrate all UAE residents from the Binance global exchange to the VARA-regulated Binance FZE exchange.

• UAE users will be required to update their KYC information by providing certain documents by December 15th.

• Despite the transition, all products already available on the Binance Global Exchange will also be available on Binance FZE.

Binance received a VASP license seven months after withdrawing its license application in Abu Dhabi due to increased regulatory pressure.

👇 Discuss in the comments how this will affect the UAE crypto market!