Binance moves to new platform for Japan

The world’s leading and largest cryptocurrency exchange, Binance, has announced that it will be transitioning its Japan users to a new platform beginning this summer. This move is necessary to comply with Japanese regulations. The new platform will be in compliance with all Japanese regulations. The transition to the new platform will involve users undergoing fresh KYC as from August 1, 2023. Binanace acquired the Sakura Exchange BitCoin (SEBC) in 2022 and plans to rebrand it to Binance Japan, regulated by the JSFA. As part of its transition, Binance will gradually restrict services on its global platform Binance.com for local users. Users with unpermitted tokens are asked to convert these to the supported ones, or withdraw these funds to external wallets. Binance will automatically convert all unpermitted tokens to Bitcoin (BTC) on November 30, according to the notice.

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