Binance Shifts to New Platform for Japanese Customers

To comply with local regulations, Binance, the world’s largest cryptocurrency exchange by market capitalization, is transitioning to a new platform specifically designed for Japanese customers.

The transition above will occur this summer, with the exact date yet to be determined.

Binance informed its Japan-based users in a recent press release that it would launch a new platform compliant with Japanese regulations.

With the advent of the new platform on November 30, the global Binance platform will be discontinued. This follows the acquisition of Sakura Exchange Bitcoin Company (SEBC) in Japan by the company.

Binance provided a detailed schedule to its Japanese users to ensure a smooth migration. The program allows customers to become acquainted with the new local ecosystem.

On May 26, however, the global platform will no longer accept new derivative accounts from Japanese customers.

Additionally, Binance enters southeast Asia and partners with Gulf Energy in Thailand.

On August 1, 2023, users in Japan will begin migrating to the new platform. To transition, they must still complete a new know-your-customer (KYC) procedure.

Customers who could not have transitioned by November 30 can only withdraw their assets, according to the press release.

The exchange will cease trading and Leveraged Tokens (BLVT) on June 9, then permanently exclude Japanese residents from the global platform on November 30.

The innovative Japan-based platform will offer more than thirty tokens for trading. However, the company will communicate the token list later.

Before November 30, users with unpermitted tokens must exchange them for permitted tokens or store them in an external wallet.

By October 27th, Japan-based users will no longer be able to open new Margin trading accounts or utilize Earn products.

Binance’s operations in Japan indicate the company’s efforts to occupy Asia despite facing challenges in various jurisdictions.

The leading cryptocurrency exchange in the world obtained a digital asset operational license from Thailand on May 26 and adopted a compliance-first strategy while partnering with Gulf Innova.

In the fourth quarter of 2023, the company will begin operations in Thailand.