After Binance obtained the necessary licenses from the Virtual Assets Regulatory Authority in the Emirate of Dubai (VARA), it became one of the first platforms to operate fully and legally in the Middle East. This achievement grants the platform significant credibility compared to other platforms.
With this expansion, users of the platform in Dubai will need to transition to the local platform.
In this article, we will present the details and answer the questions that some may have about Binance Dubai.
What is Binance Dubai?
The global Binance platform announced that it has obtained a comprehensive license from VARA to operate and provide its services to users in Dubai.
Under this license, granted to Binance Dubai FZE – which is administratively separate from Binance Global – the platform is legally entitled to provide trading, buying, and selling services for cryptocurrencies within the emirate.
And although Binance Dubai is a separate entity, all services and features are identical to those of the global Binance platform, and the separation is merely an administrative procedure.
Features of Binance Dubai
Security
Being licensed in Dubai and under legal supervision provides users with greater security.
So if any problem arises, the user can refer to the local authorities, and Binance can cooperate directly with them to resolve any issues.
Ease of withdrawal and deposit via banks
One of the main advantages is that Binance has become licensed, which allows users to withdraw and deposit to and from the platform via bank transfers in the local currency (UAE Dirham).
This service was previously absent or limited, and many users – especially those who rely entirely on the P2P market – suffered because of it.
But now, bank transfers have become easier and faster.
Access to VARA licensed services
For spot trading, it will be available for more than 300 cryptocurrencies.
As for the futures market, it will only be available to qualified investors, which is in the interest of new traders so they are not exposed to losses in complex markets.
It is worth noting that services like Binance Earn and Launchpool will not be available initially, until Binance obtains the necessary regulatory approvals from VARA.
Ease of use
You don't need to create a new account!
Your account on Binance Global will automatically be converted to a Binance Dubai account, and all you need to do is update your account's verification (KYC) information before April 25.
Updating data is very simple; you just need to disclose some additional information for complete verification.
