Dubai

Coin

Binance has <a href="https://binance.com/en/support/announcement/uae-resident-account-users-to-be-transitioned-to-binance-fze-fcf59dbdbb6d4e068238355889a4804c?hl=en" rel="nofollow noopener" target="_blank">announced</a> that it has received a Virtual Asset Service Provider (VASP) license from Dubai’s Virtual Assets Regulatory Authority (VARA). This license is specifically for its local exchange in Dubai, Binance FZE. 
The new license means that all UAE resident users will gradually need to update their Know Your Customer (KYC) information. Binance will be reaching out to these users via email to submit the required documents by the KYC deadline of December 15, 2024. 
There will be a transition process where all UAE residents will move their accounts from the Binance Global Exchange to the newly regulated Binance FZE exchange. 
Related: <a href="https://www.cryptopolitan.com/dubai-fintech-summit-concludes-with-over-8000-visitors-from-118-countries/">Dubai FinTech Summit concludes with over 8,000 visitors</a> 
This transition is mandatory to meet the new regulatory requirements set by VARA. Throughout this period, affected users will receive continuous updates and communications regarding the process. The good news is that login credentials and UID numbers will remain unchanged, ensuring a seamless transition. 
Binance has set a promotion period from June 24, 2024, to October 30, 2024. During this period, all UAE resident users who complete their KYC updates will be automatically entered into a Prize Draw to win a share of $500,000 in BTC rewards. 
The ultimate prize in this draw is 1 BTC, which will be awarded to a lucky winner. The winners will be selected through the BNB Smart Chain hash value on January 1, 2025, and announced via email. 
<figure id="attachment_547290" aria-describedby="caption-attachment-547290" style="width: 100%" class="wp-caption alignnone">
 <img loading="lazy" decoding="async" class="wp-image-547290 size-full" src="https://www.cryptopolitan.com/wp-content/uploads/2024/06/Binance.webp" alt="Binance secures VASP license from Dubai's VARA for local exchange" width="1200" height="720" srcset="https://www.cryptopolitan.com/wp-content/uploads/2024/06/Binance.webp 1200w, https://www.cryptopolitan.com/wp-content/uploads/2024/06/Binance-300x180.webp 300w, https://www.cryptopolitan.com/wp-content/uploads/2024/06/Binance-768x461.webp 768w" sizes="(max-width: 1200px) 100vw, 1200px">
 <figcaption id="caption-attachment-547290" class="wp-caption-text">
 Binance offices in George Town, Malta. Source: Binance
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</figure> 
<h2 id="binance-and-its-regulatory-debacles">Binance and its regulatory debacles</h2> 
Meanwhile as part of its ongoing commitment to regulatory compliance, Binance is adapting to the European Union’s Markets in Crypto-Assets (MiCA) regulations. These regulations, effective in June 2024, will impact stablecoins. 
Binance will implement restrictions on peer-to-peer (P2P) trading and over-the-counter (OTC) stablecoin purchases, as well as limitations on purchases through Binance Convert and certain margin trading activities. 
From June 30, 2024, unauthorized stablecoins such as Tether (USDT), USD Coin (USDC), and First Digital (FDUSD) will still be listed for spot trading, deposits, and withdrawals. 
However, new subscriptions using these stablecoins within Binance Loans, Simple Earn, Dual Investment, and other services will be blocked. Binance encourages users to review their holdings and consider transitioning to other assets. 
In addition, Binance will block access to its spot copy trading for residents in the European Economic Area (EEA) from June 26, 2024. This decision is influenced by the fact that none of the major stablecoin issuers are in a position to comply with MiCA. 
Jai Hamid

Binance secures VASP license from Dubai’s VARA for local exchange

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