Binance starts moving to a new platform in Japan

After being absent from the Japanese market for five years, cryptocurrency exchange Binance has started the process of creating a new, fully-regulated subsidiary in the country. This move comes after the acquisition of the regulated cryptocurrency exchange Sakura Exchange Bitcoin (SEBC) in November 2022.

Under the terms of the agreement, SEBC will cease its current services by May 31 and will reopen as Binance Japan in the coming weeks. Users of the exchange’s global platform in Japan will need to register with the new entity. The migration process will be available after August 1, 2023, and will require a new identity verification process to comply with local regulations.

Binance previously announced that any remaining funds on the SEBC exchange will be automatically converted to Japanese yen and transferred to users’ bank accounts starting in June.

The exchange’s strategy for expanding its global reach has been to acquire locally-regulated entities, given the narrowing regulatory landscape. Binance has made similar moves in Singapore in 2021, Malaysia in 2022, and most recently in Thailand. In Japan, it shut down its operations in 2018 after failing to obtain an independent license from local regulators.

Related: Japan’s crypto Anti-Money Laundering measures to start in June

According to a notice on its website, the exchange will not offer derivative services in Japan. Binance’s global version will not accept new derivative accounts from users in Japan.

In addition, residents of Japan using the global platform will not be able to increase or open new options positions after June 9. Pending orders will be cancelled, and existing positions must be closed before June 23, according to the exchange. Binance Leveraged Tokens will not be available for trade or subscription.

“In the future, we plan to continue to enrich our service offerings in Japan and will work closely with regulators to possibly provide derivatives services in a fully compliant manner,” the company wrote.

Japan was one of the first nations to introduce cryptocurrency regulations. The local laws contributed to the rapid recovery of funds in February at FTX Japan, a subsidiary of the now-bankrupted cryptocurrency exchange FTX. Japan’s regulations require cryptocurrency exchanges to separate client funds from other assets.

Magazine: Crypto City: Guide to Osaka, Japan’s second-biggest city

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