A Binance compliant platform has been launched in Japan.
The company has scheduled the transition to this new platform to take place during the summer, although they have yet to announce the exact date.
Encouraging Japanese Users to Embrace the New Platform
Binance has recently announced that it will be launching a new platform that complies with regulations in Japan. Consequently, Binance will discontinue the current global platform from November 30.
This decision comes after Binance acquired Sakura Exchange Bitcoin Company (SEBC) in Japan. To ensure a smooth migration process, Binance has provided its Japan-based users with a detailed schedule. The aim of this is to allow them ample time to familiarize themselves with the new local ecosystem.
However, starting from May 26, the global platform will no longer accept new derivative accounts for customers residing in Japan.
Migration to the New Platform and KYC Procedure
Japanese users will begin migrating to the new platform on August 1, 2023.
However, they will be required to complete a new know-your-customer (KYC) procedure during the transition. According to the press release, users who fail to complete the migration by November 30 will only be able to withdraw their assets.
Also, effective from June 9, the exchange will terminate trading and Leveraged Tokens (BLVT). The global platform will permanently terminate Japanese residents from its platform on November 30, following the aforementioned transition.
Availability of Tokens on the New Platform
The new Binance Compliant platform will provide users with access to more than 30 tokens for trading. However, the company will communicate the specific list of tokens at a later date.
Users who possess tokens that are not permitted on the new platform must either switch to permitted tokens or store them in an external wallet before November 30.
Additionally, Japan-based users will no longer be able to open new spots with Margin trading as of October 27. They will also not have access to the services of Earn products.
Binance’s Expansion in Asia
Binance’s operations in Japan reflect the company’s ambition to strengthen its presence in Asia, despite facing challenges in various jurisdictions. The exchange recently obtained digital asset operative authorization from Thailand on May 26 and adopted a compliant-first approach through its partnership with Gulf Innova.
In the fourth quarter of 2023, Binance plans to commence operations in Thailand.