Binance To Shift UAE Operations To Local Exchange Binance FZE

Sahana Kiran
Source – Watcher Guru

Binance, a prominent cryptocurrency exchange, has come under fire for several reasons over the last couple of years. This, however, hasn’t stopped the exchange from expanding and exploring. Recently, the firm announced that Dubai’s Virtual Assets Regulatory Authority has granted it a Virtual Asset Service Provider [VASP] license. This license is specially for Binance FZE, the company’s local exchange in Dubai.

The exchange said that citizens of the United Arab Emirates will need to go through a transition procedure from Binance Global to Binance FZE. Only once the KYC information is provided will this be feasible. Residents of the UAE will get an email requesting that they provide the necessary paperwork. This must be completed by December 15, 2024.

Users don’t have to worry about losing access to their existing accounts because the process is straightforward. Users can continue using Binance Global’s services up until the above-mentioned deadline. The users’ accounts will then switch to Binance FZE after this date, but their UID number and login information won’t change. This includes passwords and email.

Also Read: Binance Fined $2.25 Million By Indian Financial Authorities

Is Binance Getting Closer To Hitting the 200 Million User Mark?

There are around 188 million users on the cryptocurrency exchange at the moment. This surpasses its competitor, Coinbase’s 108 million user base. With big dreams for the exchange, Binance CEO Richard Teng took over from Changpeng Zhao in November. He expects that the company will surpass 200 million users worldwide sooner rather than later. He said,

“We’re seeing much greater institutional adoption and institutional money coming into this space … [on] much greater regulatory clarity and a lot more jurisdictions approving [digital asset] products that bring in new investors classes.”

Also Read: Binance Coin: How Much BNB Does CZ Hold?