- Binance’s VASP license from Dubai’s VARA will transition UAE users to the locally regulated Binance Dubai by December 15, 2024.
- Binance Dubai will offer over 300 virtual assets and support AED transactions. UAE users will need to update their KYC information.
- With 108M users, Binance is catching up to 200M, driven by more institutions joining and clearer regulations.
Binance received the Virtual Asset Service Provider license from Dubai’s Virtual Assets Regulatory Authority, which may be seen as a win for its consumers in the UAE. All accounts held by residents of the United Arab Emirates are to move from Binance’s global platform into the locally controlled Binance FZE exchange, also known as Binance Dubai, on 15 December 2024.
Users must update their Know Your Customer (KYC) information as a result of this move. Through email, Binance will walk consumers through the KYC procedure to make sure local laws are followed. Binance Dubai will provide an extensive array of services under the VASP license. These consist of lending and borrowing, broker-dealer services, virtual asset management, and investment services in addition to bitcoin exchange.
Big Plans for the UAE by Binance
Binance Dubai will support over 300 virtual assets and allow deposits and withdrawals in the local currency (AED). Assets not supported on Binance Dubai will be liquidated before the KYC deadline, with timelines varying per asset. Users holding both Binance.com and Binance Dubai accounts must select one account to maintain, as multiple accounts per user will not be permitted on Binance FZE.
To encourage early compliance, Binance is running a promotion. Users who complete their KYC updates before October 30, 2024, stand a chance to win from a total prize pool of $500,000 in Bitcoin, including a grand prize of 1 BTC. This regulatory shift follows Binance’s strategic decision to focus on the Middle East amid tightening regulations in Western markets. Consequently, it marks a significant step forward after Binance Dubai entered the third stage of Dubai’s regulatory process last year.
Binance Approaching 200 Million Users
This development highlights that Binance is approaching the milestone of 200 million users, currently boasting about 188 million users on its cryptocurrency exchange platform. Interestingly, this user base surpasses that of its competitor Coinbase, which stands at 108 million users. Binance’s new CEO, Richard Teng, who took over from Changpeng Zhao in November, anticipates reaching over 200 million users globally shortly.
Teng links this growth to increased institutional adoption, more institutional investments entering the crypto space, clearer regulatory frameworks, and approvals of digital asset products in various jurisdictions, attracting new investor classes. After struggling with regulations in multiple countries, whether Binance will create a good history in Dubai remains to be seen.
However, this move showcases Binance’s commitment to expansion despite past controversies. Hence, it signifies a crucial milestone in the company’s strategic growth plans.
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