Binance, the world’s largest cryptocurrency exchange, made a significant announcement on the 26th regarding its services for Japanese residents. In order to comply with Japanese regulations, Binance revealed its plan to launch a new platform specifically for Japanese users, named “Binance JAPAN” (temporary name), while discontinuing its global platform for Japanese residents.
The anticipated launch of Binance JAPAN is slated for this summer, with more specific details to be disclosed in the upcoming months. To facilitate the transition, existing users on the global platform will have the opportunity to migrate to Binance JAPAN by completing a new identity verification process (KYC) between August 1, 2023, and November 30, 2023.
However, it is important to note that after November 30, 2023, residents in Japan will no longer be able to access Binance Global entirely due to the operation of Binance JAPAN.
Binance Global currently offers a range of popular stocks, including the native token “BNB,” which are not available on the Japanese market. To expand the trading options for domestic unlisted stocks, Binance must undergo examination by the Financial Services Agency and the JVCEA (Japan Virtual Currency Exchange Association) and register on the so-called “white list.”
Since May 2011, Japanese users have been restricted from opening Binance derivatives accounts, and the suspension of new option trading services will take effect from June. Starting October, there will be a gradual restriction on services such as opening new positions in margin trading.
Sakura Exchange Bitcoin Co., Ltd. (SEBC), which transferred all its shares to Binance (AP) Holdings Limited, an affiliate of Binance CEO Changpeng Zhao, had previously announced a shift in management structure and disclosed plans for the launch of “Binance JAPAN” after June 23.
It’s important to note that users will not have their personal information carried over from their SEBC accounts, necessitating the completion of KYC procedures (identity confirmation) once again.