Binance Transitions to New Platform in UAE
Binance is making crucial adjustments for its users in the United Arab Emirates as it transitions accounts to a newly regulated platform, Binance FZE, which operates under the oversight of the Dubai Virtual Assets Regulatory Authority (VARA).
Service Impacts Due to Regulatory Changes
As this migration takes place, several services will be impacted, leading to Binance discontinuing support for certain non-AED fiat currencies and privacy tokens.
Beginning on April 25, trading for a selection of tokens and currencies will halt, with final processes set to occur on June 8. Notably, Binance will stop accepting various fiat currencies including AUD, GBP, EUR, and JPY among others due to the operational changes imposed by VARA.
Implications for Users
Users involved in recurring convert orders will see these canceled, as will any open orders related to the affected assets. Additionally, withdrawals for privacy tokens, specifically ZEC and DASH, will also come to an end after June 8, with all mining income from these tokens being auto-converted to USDT post-cutoff.
It’s crucial that users affected by these changes carefully assess their crypto portfolios to avoid involuntary liquidations or unexpected conversions, as traders in Dubai are urged to review their holdings in advance of the shifts.
Binance’s Regulatory Commitment
This transition marks Binance’s commitment to adhering to the regulatory expectations in the UAE, illustrating a broader strategy to ensure operational compliance in the Gulf region.
By prioritizing regulatory alignment, Binance hopes to establish a more sustainable and secure presence in a rapidly evolving market.
