1. Why do I need to update my KYC information?
As we have received a VASP licence from VARA, we’re required to transition all UAE resident accounts from the Binance Global Exchange to Binance FZE (Dubai). In order to meet onboarding requirements, you will need to update your KYC information by submitting certain document(s).
2. Will my login credentials and Binance UID number change when I update my KYC information?
No, your login credentials (Email & Password) and existing UID number will remain the same when your account is transitioned to Binance FZE.
3. If I already have a global account registered in the UAE and a Binance Dubai account, will my two accounts be merged together?
No. Users will need to decide on which account they would like to keep.
If a user would like to keep their Binance Dubai account, they may move supported virtual assets from their global account to their Dubai account, and their global account will be put in withdrawal-only mode after the KYC deadline.
If a user would like to keep their global account, they will need to delete their Dubai account. Users will need to complete KYC on their global account as instructed, so that the account can qualify to be migrated to Binance Dubai.
4. By when do I need to update my KYC information?
You will need to update your KYC information as soon as possible, by the KYC deadline of 31 January 2025. All UAE resident users who update their KYC information by 30 December 2024 will be automatically into a Prize Draw to share $500,000 in BTC rewards, with the ultimate prize being 1 BTC.
5. What will happen if I don't update my KYC information in time?
Failure to complete the onboarding requirements before the KYC deadline will result in a restriction of your account to withdrawal only.
6. Can my transaction records be exported after my global account is put in withdrawal-only mode (WOM)?
Yes. Even though users’ actions will be restricted to withdrawal-only mode, they can still access transaction records in [Transaction History].
7. I’m already verified, why do I need to update my KYC information?
Updating your KYC information is a mandatory regulatory compliance requirement to continue using our platform seamlessly. We strongly encourage you to complete the update before the KYC deadline to avoid any potential disruptions to your access to our products and services.
Onboarding onto Binance FZE will allow you to enjoy all the products already available on the Binance Global Exchange (subject to meeting relevant eligibility criteria), as well as deposits and withdrawals in local fiat currency (AED) and access to more than 300+ virtual assets.
8. If I want to register an account while traveling in the UAE, how should I register such that my account will not be registered in the UAE?
Users can enter the Binance Dubai KYC registration flow by filling in ‘United Arab Emirates (UAE)’ under ‘Country of Residence(CoR)’ when they sign up. If they are traveling, they should still be entering their original CoR and not the holiday destination.
9. What is Binance FZE?
Binance FZE is a locally regulated entity with a full Virtual Assets Service Provider (VASP) licence from the Dubai Virtual Assets Regulatory Authority (VARA). Binance FZE offers Virtual Asset Activities: (i) Exchange Services, (ii) Broker-Dealer Services, (iii) Lending and Borrowing Services, and (iv) VA Management and Investment Services.
10. Will all the products available on Binance Global Exchange be available on Binance FZE?
Binance FZE will offer the main products that are aligned with regulatory requirements, such as Spot, Derivatives, and much more. Additional products will be introduced over time as they receive the necessary approvals and become ready.
Please note that products such as Margin, Futures, and Options will be available to users subject to their eligibility.
11. What document(s) do I need to submit to update my KYC information?
Please check your email to see which document(s) were specifically outlined to you. You may need to submit proof of address within the UAE (bank statement or utility bill recommended from within the last three months or an internet/telephone/mobile phone bill or lease agreement from within the last three months) an ID (Emirates ID recommended or passport) or complete a liveness check.
12. If I already have a Binance global account, can I have both a global account and a Binance Dubai account after relocating to Dubai?
For users with an existing Binance account, they will not be able to create another account.
Users will need to update their KYC details on their existing global account with ID documentation to prove that their Country of Residence is United Arab Emirates (UAE) so that their account can be migrated to Binance Dubai. Users will be informed closer to the KYC deadline (31 January 2025) about liquidation of unsupported tokens/products.
13. I cannot find the email related to updating my KYC information?
Please visit the [Identification] page and click [Start Now] to find out which document(s) we require to update your KYC information. If you need any help, don’t hesitate to contact our customer support team on the live chat 24/7.
14. When will the unsupported tokens be converted into USDT or BTC and at what price?
Unsupported assets will be liquidated by the KYC deadline before eligible users are migrated to the Binance Dubai regulated platform. The exact date of liquidation may vary from asset to asset as liquidation may take place near the deadline.
15. If the user does not agree to liquidation of unsupported token into BTC or USDT, can they continue to complete KYC verification? Or does the user need to withdraw the unsupported token before completing KYC verification?
During the KYC verification process, users will need to agree that any remaining unsupported assets will be liquidated into BTC or USDT after the KYC deadline. However, users will still have ample time to withdraw or liquidate their position(s) of those assets from the time of completion of KYC until the KYC deadline.
16. I am a UAE resident but I do not want to re-register with a new exchange, I want to keep using Binance global platform, is this possible?
If you are a UAE resident and already have an existing account with Binance, you must update your KYC to prove that you are a UAE resident and qualify as a user under the VARA-regulated Binance Dubai platform. You will still have access to the global exchange until the end of the transition period. Once the transition period lapses, if your KYC update has not been completed, your account will be put into withdrawal-only mode and you will be restricted from using the platform.
17. What are my options if I do not wish to migrate to the Binance Dubai platform but wish to continue accessing the global platform?
After the KYC deadline (31 January 2025), users who do not remediate their KYC to qualify as a Binance Dubai user, will have their existing accounts be put in withdrawal-only mode and they will be restricted from using the platform until they remediate their KYC.
18. I possess permanent residency in more than one country. In this case, can I reset KYC and use my ID documentation belonging to another country so that I will not need to migrate to Binance Dubai platform?
If you have selected UAE as your Country of Residence in the past, but you have immigrated to another country now, you can reset your KYC and submit an updated “Proof of Address” document to change your country of residence.
If you have multiple residencies, you need to choose one based on your current address and submit Proof of Address (POA) to verify.
19. May I know what are the supported virtual assets on Binance Dubai?
You may refer to this page for a list of supported virtual assets on Binance Dubai.
20. I have an open position involving unsupported tokens on my Binance Global platform, what should I do with my position?
As we approach closer to the transition deadline, we will communicate any further impacts or actions required by users throughout the transition period.
21. When and what is the transition period?
UAE Resident customers of Binance global platform will be notified to update their KYC information. The updated KYC onboarding requirement will not affect your current account access.
As we approach closer to transition deadline, we will communicate any further impact or actions required by users throughout the transition period.
After 31 January 2025, users’ accounts will transition to Binance Dubai, but login credentials (Email & Password) and UID number will remain the same.
Users who do not remediate their KYC to qualify as a Binance Dubai user will have their account be put in withdrawal-only mode and they will be restricted from using the Binance platform.
22. I don’t have the document(s) needed to update my KYC information?
Don’t worry if you don’t have the document(s) at hand, we are giving you until 31 January 2025 to update your KYC information.
23. What happens after I update my KYC information?
Starting 31 January 2025, we will begin transitioning accounts to Binance FZE in batches based on the products you use. You will receive a notification before your account is transitioned, as well as a confirmation once the transition is complete. If you were a selected winner in the Prize Draw, you will also be notified via email.
