UAE Steps Up Crypto Game: Binance Licensed, Stablecoin Regulations Implemented

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UAE crypto regulation advances with Binance’s VASP license, enhancing local compliance and innovation.
Global regulatory momentum grows with stablecoin frameworks in UAE, Australia, and MiCA guidelines in the EU.
Enforcement actions highlight market integrity, with TerraForm’s $4.5B fine and UK’s unregistered exchange shutdown.

Binance’s Dubai arm, Binance FZE, has secured a crucial Virtual Asset Service Provider (VASP) license from VARA, Dubai’s Virtual Assets Regulatory Authority, signaling a significant step in the exchange’s regional expansion and regulatory compliance efforts.

As a result, all UAE residents with accounts on the Binance Global Exchange will transition to the VARA-regulated Binance FZE exchange.

Users who update their Know Your Customer (KYC) information by October 30, 2024, will be entered into a prize draw for a share of $500,000 in BTC rewards. The grand prize is 1 BTC, with winners to be announced via email on January 1, 2025.

Furthermore, UAE resident users will gain access to bank deposits and withdrawals in AED, as well as over 300 virtual assets on Binance FZE, mirroring the offerings of the Binance Global Exchange.

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