Bitrabo Editorial
The leading global crypto exchange, Binance, is developing a new trading platform designed specifically for residents of Japan. The platform will support a curated selection of tokens for trading while adhering to all Japanese cryptocurrency regulations, ensuring full compliance. According to Binance, the new platform will be available in summer, and further details regarding its launch date will be disclosed in the coming months.
Binance made a significant move towards re-entering the Japanese market by acquiring the regulated cryptocurrency exchange Sakura Exchange Bitcoin (SEBC) in November 2022. This acquisition served as a crucial step in Binance’s strategy to establish a new subsidiary that fully complies with Japanese regulations. Binance is set to regain a strong presence in the country by operating within the framework of the given regulations and has decided to cease providing services to Japanese residents through its global platform, effective November 30.
Smooth Transition for Users
To ensure a smooth transition for users, Binance has created a new identity verification process, called Know Your Customer (KYC), which will be available from August 1, 2023. The new process will facilitate the migration of existing global platform users to the newly established local platform, enabling them to continue trading within the regulatory framework of Japan.
Moreover, Binance has declared that it will not offer derivative services within Japan. Additionally, the global version of Binance will no longer accept new derivative accounts from users residing in the country. Starting from June 9, residents of Japan that are using the global platform will be unable to open or increase positions related to options. The exchange clarified that trading or subscription of Binance Leveraged Tokens will not be accessible to users in Japan.
To expand globally, Binance has been acquiring locally-regulated entities in response to evolving regulations. This strategy was implemented in Singapore (2021), Malaysia (2022), and most recently, Thailand.
Featured Image From Tech In Asia, Charts From TradingView.com