Binance, the world’s leading cryptocurrency exchange, has announced that it will be launching a new platform in Japan in the summer of 2023.
The new platform will be fully compliant with Japanese regulations and will offer a wider range of services than Binance.com.
As part of the transition, Binance will be gradually restricting services on Binance.com for Japan-based users. Beginning on May 26, 2023, users will no longer be able to open new derivative accounts.
On June 9, options trading and Leveraged Tokens (BLVT) will be discontinued, and on November 30, all Japan-based users will be cut off from Binance.com.
Users in Japan will have an opportunity to migrate to the new platform after completing a new identity verification process.
The new know your customer (KYC) process will be available as from August 1, 2023. Japan residents who complete the KYC as required and hold supported coins will have access to the new Binance Japan after December 1.
Users who will not have completed the mandatory verification process will only access withdrawals.
The launch of the new platform in Japan is part of Binance’s strategy to expand its global reach and comply with local regulations.
The company has already acquired several regulated cryptocurrency exchanges in other countries, and it plans to continue this trend in the future.
Judith Faith has been writing about cryptocurrencies and blockchain technology for over five years. She is well versed in the industry and has an extensive network of industry contacts. She is also a frequent contributor to various cryptocurrency publications. With her vast knowledge and experience, she is able to provide insightful and valuable content to her readers. Judith is also an active investor in the cryptocurrency space and has a vested interest in the success of the industry.
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