Binance FZE (UAE) launching early December

[myself]

Binance FZE was created to serve UAE residents. It's planning to launch in the beginning of December. Binance started asking UAE residents to upload additional personal information (EID,...) preparing for the migration to Binance FZE. Once a user migrates to the new exchange, he/she automatically loses access to Binance Global. There's still a possibility to remain with Binance Global for those who want to re-do the identification with a different country of residence, but they will need to prove their address in that country.
The new Binance FZE will list 300 assets. But I guess there will be very low liquidity at least for some time, compared to Binance Global, and this is a problem especially during a bull market. Not sure how things will work out for UAE residents. OKX also seems to be in the middle of doing something similar now that they got a license to operate in the UAE.
The question is what could be a good exchange to use for one who loses access to Binance Global?

FAQ for Binance FZE: https://www.binance.com/en-AE/suppo...inance-dubai-55e8a2e0f7f14f958ba4b4846b1effab

 

[Martin Everson]

But I guess there will be very low liquidity at least for some time, compared to Binance Global, and this is a problem especially during a bull market.

Wouldn't Binance FZE be able to pool liquidity with Binance Global or does this have to be segregated?

 

[myself]

Wouldn't Binance FZE be able to pool liquidity with Binance Global or does this have to be segregated?

What does Binance US do? The size of their order book compared to that of Binance Global suggests that it's completely separated. I guess it would be the same for FZE. Note also that the set of supported assets on Binance FZE will be different from Global. I suspect they will also list pairs in AED.

From a legal prospective, I don't have the background to tell, but I'm wondering whether the license for Binance FZE would allow it to pull liquidity from Binance Global.

 

[Martin Everson]

So you don't know basically. I wonder if anyone else knows in that case.

 

[myself]

So you don't know basically. I wonder if anyone else knows in that case.

Somebody on reddit said that binance support confirmed to him that the liquidity on binance FZE will be limited to the UAE market. Not the best news!

 

[PinkCat]

ok so we have bitoasis, m2, okx (just recently) and soon binance, great but banks are still the bottle neck. Any indication as to when the banks attitude toward crypto might finally change?

I'm with private banking level with one of UAE major banks and even my personal banker says he wouldn't use his bank for crypto.

 

[myself]

ok so we have bitoasis, m2, okx (just recently) and soon binance, great but banks are still the bottle neck. Any indication as to when the banks attitude toward crypto might finally change?

I'm with private banking level with one of UAE major banks and even my personal banker says he wouldn't use his bank for crypto.

I've just posted a thread that WIO Bank started offering crypto service. They don't allow crypto deposit/withdrawal but a crypto service offered by a local bank gives some hope about crypto banking. Somebody replied that "Another local option is crypto.com, they enabled local USD deposits over Standard Chartered recently."

M

Post in thread 'WIO Bank UAE adds virtual asset'

Oct 16, 2024

You can't deposit or withdraw crypto and the total fees are roughly 1.5%.

Another local option is crypto.com, they enabled local USD deposits over Standard Chartered recently.

• Moonlighter

• 

 

[myself]

ok so we have bitoasis, m2, okx (just recently) and soon binance, great but banks are still the bottle neck. Any indication as to when the banks attitude toward crypto might finally change?

I'm with private banking level with one of UAE major banks and even my personal banker says he wouldn't use his bank for crypto.

By the way, CBD are ok with withdrawals from crypto exchanges. I asked them in the past and they said it's fine. I haven't had problems withdrawing 5 figures USD from kraken.

 

[PinkCat]

Yeah I got that email from Wio just couple of hours ago, nice and surprising progress!

Will check out CBD thanks