After Binance received a full license from VARA (Virtual Assets Regulatory Authority) in Dubai, UAE users had until December 15, 2024 to migrate their accounts to Binance Dubai (VARA-licensed local platform), which included major changes such as KYC updates and AED transaction support, allowing Binance to operate fully regulated in the UAE and provide users with a more secure and localized service, including more assets and local bank support.
Key Updates:
License : Binance received a full VASP (Virtual Asset Service Provider) license from Dubai's VARA, making it legal and regulated in the UAE.
Migration : All users in the UAE had to switch from Binance Global to Binance Dubai, which required updating their KYC (Know Your Customer) information.
Local Services : Binance Dubai now supports transactions in AED (UAE Dirham) and local bank transfers, making it easier for users to deposit and withdraw funds.
Account and KYC: Users had to migrate their accounts and update their KYC details by December 15, 2024, otherwise the account would go into withdrawal mode only.
Products: 300+ virtual assets are available and more local services are expected in the future.
