Third-party Outsourcing Arrangements 

Last updated: 28 June 2024

Binance FZE is authorised by the Dubai Virtual Assets Regulatory Authority (“VARA”) to carry out Virtual Asset-related activities, including exchange services, and broker-dealer services, lending and borrowing services and Virtual Asset management and investment services (the “Services”), in or from the Emirate of Dubai, including its free zones, but excluding the Dubai International Financial Centre. In the provision of these Services, Binance FZE outsources certain functions to intra-group entities (“Binance Affiliate(s)”) and external third-party vendors in accordance with its outsourcing, third-party, and vendor risk management policy (“Outsourcing Policy”).  

This document contains a list of the Binance Affiliates and external vendors with whom Binance FZE has entered into a written outsourcing agreement for the provision of specific functions relevant to the Services provided by Binance FZE, together with a brief description of the outsourced service/function. 

Binance FZE regularly reviews and updates the list of outsourced functions contained in this document to ensure it remains up to date. Any new outsourcing arrangements will be added to this document. 

Intra-group outsourcings 

Please note that where the outsourcing of a function is marked as ‘internal’, this indicates that it is an intra-group outsourcing to a Binance Affiliate. You will note that Broadchains Fintech Pte. Ltd. (“BFL”) is listed as the relevant service provider for the internal outsourcings. This is because BFL is the group shared services aggregator. BFL contracts with all shared services entities and the intellectual property holding companies, being (i) Binance Technology Services FZE, (ii) Inforad Technologies W.L.L, and (iii) Chaintecs Consulting Singapore Pte Ltd (together, the “IP Holdcos”) which own all the IP developed by various shared services entities within the Binance group (“Tech Hubs”). BFL is therefore the relevant shared services provider under the written outsourcing agreement with Binance FZE, and all invoices related to services are settled between BFL as the shared services provider and Binance FZE. In addition, Binance FZE pays royalties to the IP Holdcos.

External vendors

The external vendors displayed in the document below constitute those vendors with whom Binance has entered into a written outsourcing agreement for the provision of certain functions (as described below). All these external vendors have been screened and selected in accordance with the Binance FZE Outsourcing Policy. 

Binance FZE - Table of outsourced functions

Function


Description 

Internal or External  

Contracting Entity

Service Provider

Customer Service

The customer support desk that handles and processes customer enquiries directed at Binance FZE. 

Internal

Binance FZE

BFL

Internal Audit

To check and control functionality, regulatory compliance, security and efficiency of internal processes and procedures within Binance FZE. 

Internal

Binance FZE

BFL

Human Resources

The Human Resources team is responsible for managing the employees of the company, including remuneration (employee benefits and compensation), recruiting, hiring and retaining talent, employee engagement, performance management and development and training.  

Internal

Binance FZE

BFL

IT Operations

This includes IT Operations for cloud infrastructure, custody service infrastructure, and ID and access management. The IT Operations team is responsible for defining the way in which Binance FZE manages software and hardware. 

Internal

Binance FZE

BFL

Finance, Accounting  and Tax Support Services

This function involves invoice processing and employee claims, exception handling/discrepancy resolution, payment processing, vendor issue resolution, global funding and group tax services. 

Internal

Binance FZE

BFL

Marketing

Support or consultation for the ideation of business priorities, growth strategy planning based on business gap analysis reports or relevant data sources, deal sourcing and negotiation, building of strategic partnerships and the identification of new market opportunities. Support for the design of new product solutions, provision of website and marketing content, including paid social media performance. 

Internal

Binance FZE

BFL

Information Security

Protection of sensitive information and the integrity of data maintained by Binance FZE. 

Internal

Binance FZE

BFL

Treasury


The management of liquidity, capital and financial risks within Binance FZE. 

Internal

Binance FZE

BFL

Product Development

Support for designing new product solutions, development of the relevant code, and configuration changes with respect to new product solutions, and software maintenance and iterative software development for new product solutions. 

Internal

Binance FZE

BFL

Risk and Compliance Services

General risk management and compliance support, including for the outsourcing of functions to third parties, onboarding of customers (KYC and KYB), internal suspicious transaction monitoring and reporting, compliance investigations, adherence to local law and regulation. 

Internal

Binance FZE

BFL

Legal and Regulatory Services

Regulatory analysis and advice, litigation and dispute resolution, drafting and negotiating contracts with third parties and Binance Affiliates, general legal research and analysis, processing formations and dissolution of legal entities, company records, registrations and filings, instructing and managing external counsel. 

Internal

Binance FZE

BFL

Fiat Services

Fiat withdrawals and deposits (on/off ramp), convert fiat trading pairs and the one-click buy/sell support to enable a smooth customer experience for deposits and withdrawals to and from the Binance FZE platform. 

External

Binance FZE

TAP Payment Services

BFL

Audit services

External auditing services to ensure Binance FZE’s internal controls, processes, guidelines and policies are adequate, effective and in compliance with VARA requirements, industry standards and company policies. 

External

Binance FZE

Auditor: Crowe MAK

Enterprise resource planning services

Software utilised by Binance FZE to manage key parts of operations, including accounting and resource management. 

External

Binance FZE

Oracle – Net Suite ERP

Wallet services

Technical service provision to facilitate the provision of custodial services by Binance FZE as the custody provider.

Internal

Binance FZE

BFL

Group Strategy and Operations and Project and Transaction Management


Group strategy and operations services and project and transaction management.

Internal

Binance FZE

BFL

Platform operations and maintenance

Platform development, configuration changes, service requests and testing. 

Internal

Binance FZE

BFL