Binance, the world’s leading crypto exchange in market capital, is switching to a new platform explicitly tailored for customers in Japan to comply with local regulations. The said transition will occur this summer, with the specific date yet to be announced.
Binance persuades Japan-based users to embrace the new platform
According to a recent press statement, Binance informed its Japan-based users that it would launch a new platform compliant with Japan’s regulations. The advent of the new platform will lead to the discontinuation of the Binance global platform from Nov 30. This comes after the company acquired Sakura Exchange Bitcoin Company (SEBC) in Japan.
Binance delivered a detailed schedule to its Japan users to ensure a seamless migration process. The program gives customers time to get familiar with the new local ecosystem. However, the global platform will not accept new derivative accounts for customers residing in Japan starting May 26.
Users in Japan will start migrating to the new platform from Aug. 1, 2023. Still, they must complete a new know-your-customer (KYC) procedure to transition. According to the press release, customers who could not have transitioned by Nov. 30 can only withdraw their assets.
Termination of Binance global platform in Japan
Starting June 9, the exchange is set to terminate trading and Leveraged Tokens (BLVT), followed by a permanent termination of Japanese residents from the global platform on Nov. 30.
The novel Japan-based platform will make available more than 30 tokens for trading. However, the company will later communicate the specified token list. Users with unpermitted tokens must change to permitted ones or store them in an external wallet before Nov 30. Japan-based users will not open new spots with Margin trading by Oct 27 and cannot enjoy the services of Earn products.
Binance’s operations in Japan testify to the company’s quest to occupy Asia amidst challenges in different jurisdictions. The world’s topmost crypto exchange gained a digital asset operative authorization from Thailand on May 26 and adopted the compliant-first approach while partnering with Gulf Innova. The company will start operations in Thailand in the fourth quarter of 2023.