Binance, the global cryptocurrency exchange, has announced the development of a dedicated crypto trading platform specifically designed for residents of Japan. This new exchange is scheduled to launch during the summer season. To ensure adherence to Japanese cryptocurrency regulations, the platform will operate in full compliance with the established guidelines. Initially, a select number of tokens will be available for trading on the exchange, as stated by Binance.
Binance, the global cryptocurrency exchange, has recently revealed plans to launch a dedicated crypto trading platform specifically for residents of Japan. In their announcement, Binance stated:
“We are delighted to announce the creation of a new platform catering to the needs of Japan’s residents, ensuring full compliance with local regulations.”
Binance
The forthcoming platform is scheduled to go live this summer, with specific details and the exact launch date to be shared in the upcoming months. Binance further stated that starting from November 30, services offered by their global platform will no longer be accessible to Japan residents. Users of the global platform will have the opportunity to transition to the new local platform by undergoing a fresh identity verification process (KYC) which will be available after August 1, 2023.
Effective from December 1, all Binance.com accounts held by local Japanese residents will be placed in “withdrawal-only mode,” limiting the functionality to withdrawals only. Additionally, Binance clarified that the initial stage of the new Japan platform will not offer derivatives services in order to comply with local regulations.
In terms of token availability on the Binance Japan platform, the company stated:
“At the initial stage, Binance Japan will offer a limited number of tokens for spot trading, considering the constraints imposed by local regulations. As we progress, we aim to expand our product offerings and services.”
Binance aims to include more than 30 tokens as an initial step and will provide updates and further information once additional tokens are confirmed.
Last year in November, Binance acquired Sakura Exchange Bitcoin (SEBC), a Japanese crypto exchange service provider regulated by the country’s top financial authority, the Financial Services Agency. Takeshi Chino, the general manager of Binance Japan, expressed confidence in the Japanese market’s potential for cryptocurrency adoption, given its status as a leading economy with a robust tech ecosystem.
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