1. What is Binance Dubai (FZE)?
Binance Dubai (FZE) is a locally regulated entity with a full Virtual Assets Service Provider (VASP) licence from the Dubai Virtual Assets Regulatory Authority (VARA). Binance Dubai offers Virtual Asset Activities: (i) Exchange Services, (ii) Broker-Dealer Services, (iii) Lending and Borrowing Services, and (iv) VA Management and Investment Services.
2. When is the migration period and what to expect?
Dubai resident account holders of the Binance Global Exchange will be notified to update their KYC information. The updated KYC onboarding requirement will not affect your current account access.
As we near the transition deadline and throughout the migration period, we will communicate any further impact or actions required by users.
After completing their Dubai KYC, users’ accounts will transition to Binance Dubai, but login credentials (email and password) and UID number will remain the same.
3. If I already have a Binance Global Exchange account registered in the UAE, as well as 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 chooses to keep their Binance Dubai account, they may transfer supported assets from their Binance Global Exchange account to their Dubai account.
4. I am a Dubai resident but wish to keep using the Binance Global Exchange. Is this possible?
If you are a Dubai resident with an existing account with Binance, you must update your KYC information for the migration process and prove that you qualify as a user under the VARA-regulated Binance Dubai (FZE) platform. You will still have access to the Binance 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 (WOM).
5. What are my options if I do not wish to migrate to the Binance Dubai platform but wish to continue accessing the global platform?
All Dubai residents must move to the Vara-regulated Binance Dubai platform. You may contact our customer service agents via Binance Support to update your information if you have moved out of Dubai. Enter “How to update Identity Verification” on the chat and click on the link [Click here to reset KYC] provided in the Customer Service response.
6. Will my login credentials and Binance UID number change when I update my KYC information for Binance Dubai?
No, your login credentials (email and password) and existing UID number will remain the same after your account is transitioned to Binance Dubai.
7. Will all the products available on Binance Global Exchange be available on Binance Dubai?
Binance Dubai will offer the same products as Binance Global Exchange, and will contain two environments offering users VARA-regulated products as well as products provided by the Binance Global Exchange. Products provided by the Binance Global Exchange will be clearly marked by a disclaimer while accessing each product page.
1. Why do I need to update my KYC information for the migration?
As we have received a VASP license from VARA, we’re required to transition all Dubai resident accounts from the Binance Global Exchange to Binance Dubai (FZE). In order to meet onboarding requirements during the migration process, you will need to update your KYC information by submitting certain document(s). Even if your account is already verified, you will need to update your KYC information again.
2. By when do I need to update my KYC information for the migration?
You will need to update your KYC information as soon as possible. We will be notifying you on the deadline via email.
3. What will happen if I don't update my KYC information in time?
Failure to complete the onboarding requirements before the deadline will restrict your account to Withdrawal-Only Mode (WOM) once you are migrated to Binance Dubai's platform. If your account is placed in Withdrawal-Only mode, you will not be eligible to receive airdrops. Ensure your account is in full access to participate in upcoming distributions.
4. Can my transaction records be exported if my 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].
5. 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 deadline to avoid any potential disruptions to your access to our products and services.
Onboarding onto Binance Dubai 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 300+ virtual assets.
6. 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 your Emirates ID and complete a liveness check.
7. I cannot find the email related to updating my KYC information, what should I do?
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.
8. I don’t have the document(s) needed to update my KYC information, what should I do?
If you don’t have the required document(s) at hand, you still have time to submit them. You can update your KYC information anytime before the deadline.
9. What happens after I update my KYC information?
Once you complete all the required steps, your account will be transitioned to Binance Dubai automatically. You will receive a confirmation once the transition is complete.
1. If I have relocated to the UAE and already have a Binance Global Exchange account registered elsewhere, can I keep both a global account and a Binance Dubai account?
For users with an existing Binance account from before moving to the UAE, 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) and declare their residential address to confirm that their City of Residence is Dubai, so that their account can be migrated to Binance Dubai. Users will be informed closer to the KYC deadline about liquidation of unsupported tokens/products.
2. If I want to create a Binance account while traveling in the UAE, how should I sign up so that my account will not be registered in the UAE (or Binance Dubai)?
Under ‘Country of Residence (CoR)’ when signing up, users who are traveling should simply enter their original Country of Residence and not the holiday destination.
3. 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 since, you can reset your KYC to change your country of residence.
If you have multiple residencies, you will need to choose one based on your current address for the verification process.
1. What are the supported virtual assets on Binance Dubai?
You may refer to Virtual Assets Product Offering on Binance Dubai (FZE) for a list of supported virtual assets on Binance Dubai.
2. I have an open position involving unsupported tokens on my Binance Global Exchange account, 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.
3. For my remaining holdings in unsupported assets, when will the conversion to USDT or BTC take place and at what price?
Unsupported assets will be liquidated as eligible users are migrated to the Binance Dubai (FZE) regulated platform. The exact date of liquidation may vary from asset to asset as liquidation may take place near the deadline. For more information, please follow the liquidation announcement.
4. If I do not agree to the liquidation of my unsupported tokens into BTC or USDT, can I continue to complete KYC verification? Or do I 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 USDT after the 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 deadline.
For more information on Binance Dubai, visit What Products Does Binance Dubai (FZE) Offer?
