Binance to launch crypto platform in Japan this summer

Binance has started the process of moving its Japanese users from its international crypto exchange to a specialized local platform. The company confirmed this in a blog post on Friday.

The separate exchange has been created to comply with local regulations that the international exchange cannot meet.

Binance has already launched similar entities in countries like the United States, such as Binance.US, which supports much lower volume and fewer trading pairs than the main branch.

“The new platform will be available this summer,” wrote Binance. “We will inform the launch date and provide further details in the coming months.”

Japanese users will see their available products gradually discontinued until November 30, at which point they’ll lose access to all spot trading services.

They can fully access the local Japanese platform the following day.

Meanwhile, these users have already been barred from opening derivative accounts on the global platform.

They’ll also lose the ability to open new options or leverage token positions in June, and will be forced to close any existing positions by June 23.

“Any open positions relating to Leveraged Tokens and Options will be liquidated automatically and the respective funds will be returned to your wallet,” explained the firm.

Starting in August, Binance’s Japanese users can begin completing identity verification (KYC) to gain full access to the new platform in December. Those who haven’t will still be able to withdraw their assets, but not trade them.

The local exchange will only support 30 crypto trading pairs – a far cry from the 600 available with the main branch. Any supported assets held by current users will automatically be transferred into their accounts on the new platform, whereas unsupported assets will be converted into Bitcoin (BTC) as of November 30.

Binance’s Japanese entity is a follow-up to its acquisition of Sakura Bitcoin Exchange (SEBC) in November 2022. The latter exchange plans to rebrand under Binance’s banner on Wednesday.

Licensed by the Japan Financial Services Agency (JFSA), the platform will be Binance’s first compliant entity in East Asia after failing to enter the Japanese market in 2018 due to pressures from the national securities regulator.

The Japanese government agreed last week to begin applying the “Travel Rule” to crypto exchanges.

The rule will require crypto trading firms to provide sender and recipient information for crypto transactions, in order to “prevent criminal and terrorist misuse.”

We will continue to update Phone&Auto; if you have any questions or suggestions, please contact us!

Share:

Was this article helpful?

93 out of 132 found this helpful

Discover more

News

Will AI Chatbots Replace Journalists? The Future of Interactive Journalism

Jim Albrecht, former director of Google News, predicts that large language models have the potential to enhance and u...

News

Social Media Giant Meta Introduces Invisible Watermarks to Combat Misuse of AI-Generated Images

Meta introduces AI watermarks that are resistant to common image edits such as cropping, color adjustments, and scree...

Markets

Will Bitcoin's on-chain retest be successful in determining its market decision?

The data recorded on the blockchain indicates that a key Bitcoin measurement is nearing a critical point of being tes...

Bitcoin

CFTC issues $54M default judgment in crypto fraud case.

Juez ordena que Michael Ackerman pague más de $50 millones en esquema fraudulento de trading de activos digitales.

Bitcoin

glassnode Weekly Report Twists and Turns

Starting in October, more and more validators have been withdrawing from the Ethereum staking pool, causing a decreas...

News

Google Fights Scammers with a Lawsuit: Bard’s Fake Symphonic Misadventure

According to Google, fashion businesses and advertisers may have fallen prey to social media login cons via the Bard ...