As it prepares for the launch of “Binance Japan” and complies with crypto regulations, Binance has announced that it will cease services for Japanese residents.
The biggest cryptocurrency exchange in the world, Binance, stated on Saturday that it would stop offering cryptocurrency services to Japanese citizens as of November 30, 2023. This choice was made as part of Binance’s continued efforts to adhere to legal requirements and guarantee compliance in the nations where the crypto-giant conducts business.
Upcoming Binance Japan Launch
The Binance exchange is currently building its local platform, Binance Japan, which is slated to launch in the summer of 2023, in an effort to comply with regulatory requirements. The customized platform intends to provide a compliant and user-friendly trading experience within Japan, primarily catering to Japanese users.
The exchange will offer a migration link so users in Japan can complete their identity verification (KYC) process, ensuring a smooth transition. The link will be available from August 1 until November 30. Users must complete the KYC process to comply with the new requirements, according to the official announcement made public.
Growing Regulatory Approach in Japan
Japan has long been recognized as a pioneer in encouraging the establishment of cryptocurrencies in the nation. Additionally, its recent publication of specific guidelines for cryptocurrency businesses demonstrates its commitment to preserving a safe and open environment for both consumers and investors. Binance seeks to build trust and the long-term viability of the cryptocurrency market by abiding by these regulatory requirements.
Also Read: Crypto Anti-Money Laundering (AML) Regulations In Japan Will Begin In June
Users will have access to a localized platform with a user-friendly interface and local fiat support after Binance Japan launches. Binance has been extending its activities across national boundaries in recent months. A Digital Asset Licence from Thailand’s Ministry of Finance was previously obtained by the company with success. This made it possible for the exchange to launch the “Gulf Binance” trading platform, a joint venture between Binance and Gulf Innova Co., Ltd.