Binance News: UAE Gets Faster and Cheaper AED Transfers on Platform Binance Co-CEO Richard Teng and Co-Founder Yi He just announced a massive upgrade for crypto users in the United Arab Emira
Binance Co-CEO Richard Teng and Co-Founder Yi He just announced a massive upgrade for crypto users in the United Arab Emirates. The global exchange is removing all deposit fees for the local United Arab Emirates Dirham (AED) currency.
This major update rolled out on June 2, 2026, to make moving cash into digital assets much smoother.
Why? High banking fees used to keep everyday people away from crypto.
Now, this update changes the game for local crypto adoption by connecting directly with local banks. Moving your cash into the market is now fast, secure, and highly affordable. Traders can immediately start using these cheap payment pipelines through the official mobile application.
Traders always search for cheap ways to move cash, and this latest piece of Binance news delivers exactly that.
Deposits using the local fiat currency now cost absolutely nothing. When UAE-based users want to cash out, the exchange charges a flat withdrawal fee of just 10 AED.
This flat pricing cuts down the heavy costs that third-party payment companies usually charge. It also beats several local competitors who frequently demand 50 AED or more for a single withdrawal.
The platform has also boosted processing speeds so the cash transfers hit users' accounts much faster.
The local market is highly competitive, and rivals like OKX and Bybit already offered strong native currency support. In fact, many active traders pointed out that OKX launched similar direct bank features roughly 1 year ago.
Binance is responding aggressively with this new fee structure to win back its dominant market share.
This low-cost strategy puts massive pressure on other platforms like Rain, BitOasis, and Kraken to drop their prices. Lowering transaction friction will likely boost trading volumes for major pairs like Bitcoin, Ethereum, and Tether.
Local investors now have a very strong reason to keep their digital assets on one specific platform.
This financial upgrade makes perfect sense because the region has incredibly progressive regulatory frameworks like VARA licensed for crypto exchanges in Dubai and ADGM in Abu Dhabi.
Richard Teng actually used to lead the regulatory team at ADGM before taking his executive role at the exchange. His deep background in compliance helps the company build smoother partnerships with native commercial banks.
The exchange is heavily invested in the region and even secured a $2 billion investment from the Abu Dhabi-backed firm MGX. These tight local connections help bridge the gap between traditional finance and digital assets.
It also fits perfectly with the country's grand vision to become a leading international center for money.
While the community to this latets Binance news response is highly positive, some traders are still asking for a clear list of supported banks. Some users are also wondering if the exchange will bring these exact same low-friction features to other countries soon.
There are still minor risks, such as strict identity checks and sudden bank-side limits that could slow things down.
However, making dirham flows cheap and fast transforms digital assets from a speculative hobby into an everyday financial tool.
Note: This article is for information purposes only. All the information and facts are based on market present data. The article itself does not claim anything.
