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Crypto vs. Dollar

📌 Binance gets VASP license in Dubai.

Binance has announced that all UAE resident accounts will be migrated from the global Binance platform to the local regulated exchange Binance FZE, known as Binance Dubai, by December 15, 2024. Binance

– Binance has announced that all UAE resident accounts will be migrated from the global Binance platform to the local regulated exchange Binance FZE, known as Binance Dubai, by December 15, 2024.

As part of this migration, users will need to update their customer information (Know Your Customer (KYC). Binance will contact users via email to instruct them on the KYC process and ensure compliance with local laws.

With a VASP license, Binance Dubai offers a full range of services including cryptocurrency exchange, broker-dealer services, lending and borrowing, virtual asset management and investment services. The platform supports over 300 virtual assets and offers deposits and withdrawals in local fiat currency (AED).

Assets not supported by Binance Dubai will be liquidated prior to KYC expiration, with specific timelines depending on the particular asset. Binance FZE does not allow multiple accounts per user, so users with Binance.com and Binance Dubai. Users with accounts must choose between the two.

To encourage timely compliance, Binance is running a promotion where users who complete the KYC update by October 30, 2024 will have a chance to win bitcoins from a prize pool totaling USD 500,000, including a grand prize of 1 BTC.

The regulatory changes follow Binance’s strategic decision to focus on the Middle East amid increased regulation in the European and US markets. This is an important step forward after Binance Dubai reached the third stage of the regulatory process in Dubai last year.

This progress means that Binance is approaching the 200 million user mark: there are currently around 188 million users on the cryptocurrency exchange’s platform. Interestingly, this number is higher than rival Coinbase’s 108 million users.

Binance’s new CEO Richard Teng, who succeeded Chao Chanpeng in November, expects the exchange’s user base to soon exceed 200 million users, and Teng attributes this growth to the growing number of institutional users, increased institutional investment in the cryptocurrency sector, a clearer regulatory framework and multi-jurisdictional recognition of digital asset products attracting a new class of investors.

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