Binance, the leading global crypto exchange, has announced the development of a dedicated trading platform specifically designed for residents of Japan.
Scheduled to launch in the summer, this new exchange aims to adhere to all Japanese cryptocurrency regulations, ensuring full compliance. The platform will support a curated selection of tokens for trading, as stated by the exchange.
Binance stated:
We are pleased to announce that we have created a new platform for residents in Japan in order to fully comply with local regulations…The new platform will be available this summer. We will inform the launch date and provide further details in the coming months.
In November 2022, the platform made a significant move towards re-entering the Japanese market by acquiring the regulated cryptocurrency exchange Sakura Exchange Bitcoin (SEBC).
This acquisition served as a crucial step in Binance’s strategy to establish a new subsidiary that fully complies with Japanese regulations.
After being absent from the Japanese market for five years, the crypto exchange is set to regain a strong presence in the country by operating within the framework of the given regulations.
Binance To Cease Services For Japanese Residents On Global Platform By November 30
In the same announcement, Binance has disclosed its decision to cease providing services to residents of Japan through its global platform, effective from November 30.
To ensure a smooth transition for users, Binance has devised a new identity verification process, known as Know Your Customer (KYC), which will be accessible starting from August 1, 2023.
This new process will facilitate the migration of existing global platform users to the newly established local platform, enabling them to continue their cryptocurrency trading activities within the regulatory framework of Japan.
In a prior disclosure, Binance informed users that any remaining funds held on the Sakura Exchange Bitcoin (SEBC) would be automatically converted to Japanese yen and transferred to users’ bank accounts starting in June.
This measure ensures a smooth transition and the safe retrieval of funds for SEBC exchange users, allowing them to access their assets in a familiar currency within their bank accounts.
Binance Japan Subsidiary Implements Changes In Services Offered
As indicated on its website, the exchange has announced that it will not offer derivative services within Japan. Furthermore, the global version of Binance will no longer accept new derivative accounts from users residing in the country.
Moreover, starting from June 9, residents of Japan who are utilizing the global platform will be unable to open or increase positions related to options.
The exchange has also stated that all pending orders will be canceled, and existing positions must be closed before June 23. Additionally, the exchange has clarified that trading or subscription of Binance Leveraged Tokens will not be accessible to users in Japan.
To expand globally, Binance has been acquiring locally-regulated entities in response to evolving regulations. This strategy was implemented in Singapore (2021), Malaysia (2022), and most recently, Thailand.
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