Binance, the world's leading cryptocurrency exchange, has obtained a full Virtual Asset Service Provider (VASP) license from Dubai's Virtual Assets Regulatory Authority (VARA) for its local entity, Binance FZE.

This milestone marks a significant shift for UAE users, who will be transitioned from the global Binance platform to the VARA-regulated Binance FZE exchange.

The VASP license empowers Binance FZE to offer a comprehensive suite of digital asset services to UAE users, including spot trading, lending and borrowing, staking, broker-dealer services, and limited virtual asset derivatives trading.

Binance's commitment to regulatory compliance and responsible growth in the digital assets domain has been recognized by Dubai's authorities, further solidifying the emirate's position as a forward-thinking hub for blockchain technology.

To facilitate the transition, Binance will contact UAE users to update their Know Your Customer (KYC) information by the deadline of December 15th, 2024.

This achievement follows the issuance of a Minimum Viable Product (MVP) license to Binance FZE in July 2023, paving the way for the full VASP license and a broader range of services tailored for the UAE market.