The leading crypto exchange, Binance, has recently revealed a crucial update in the follow-up of securing a VASP (Virtual Asset Service Provider) license from Dubai’s VARA (Virtual Assets Regulatory Authority). Today, June 26, the crypto exchange unveiled an announcement on account transition procedures for UAE residents to shift from the Binance global exchange to the Binance FZE exchange.
This comes after Binance secured a VASP license in April to operate a regional exchange in Dubai. Here’s a deeper dive into the announcement.
Account Transition For UAE Residents
Notably, account transition ensures user accounts migrate from the Binance global exchange to the FZE exchange. Further, to be eligible, users must complete and update the KYC verification requested via email. The deadline for this submission is December 15, 2024.
Besides, the crypto exchange clarified that the transition process is not expected to hamper users’ current account functions, and they can continue to use it till the abovementioned date. Nonetheless, the account transition will commence on December 15, with login credentials remaining the same to ensure a seamless transition for users.
Also, to further extend support to the mover, Binance unveiled a promotion period from June to October end of this year. All UAE residents who update their KYC information before October 30 will be eligible for a prize of 1 BTC.
This prize will be distributed on January 1, next year, via BNB Smart Chain Hash Value. Meanwhile, here’s a look at Binance FZE’s offerings for users.
Also Read: Binance US Announces Cessation Of Operations In Washington, Here’s Why
Binance FZE Services & Products
The Binance FZE VARA-regulated exchange offers various services, including broker-dealing services, lending and borrowing services, and virtual asset management and investment services.
It’s also worth noting that only users who complete the abovementioned verification processes during the promotion period will be allowed to partake in the exchange’s activities.
In the interim, Binance also revealed plans to delist Shiba Inu, Chainlink, and a few other tokens today, showcasing efforts to streamline user experience on the platform.
Also Read: Cardano Price Expected To Hit $40 Next Per Crypto Analysts
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