Binance Launching New Crypto Trading Platform in Japan This Summer to Comply With Regulations

Global cryptocurrency exchange Binance says it has created a new crypto trading platform for Japan residents that will be available this summer. The new exchange will fully comply with Japanese crypto regulations and will offer trading of a limited number of tokens initially, according to the exchange.

Binance Has Created New Crypto Trading Platform for Japan Users

Global cryptocurrency exchange Binance has announced that it is launching a local crypto trading platform for residents of Japan this summer. Binance wrote:

We are pleased to announce that we have created a new platform for residents in Japan in order to fully comply with local regulations.

“The new platform will be available this summer. We will inform the launch date and provide further details in the coming months,” the global crypto exchange continued.

The services offered by Binance’s global platform will be discontinued for Japan residents on Nov. 30, the announcement adds. “Users of the global platform will be able to migrate to the new local platform through a new identity verification process (KYC), which will be available after August 1, 2023.”

From Dec. 1, all Binance.com accounts held by local Japanese resident users will be set to “withdrawal-only mode,” Binance detailed. In addition, Binance noted that its new Japan platform “will not provide derivatives services at the initial stage to comply with local regulations.”

Regarding which crypto tokens will be available on the new Binance Japan platform, the crypto firm explained:

Binance Japan will have a limited number of tokens available for spot trading at the initial stage, and there are limitations on certain product offerings to comply with local regulations. We will add more products and services when it is possible to do so.

Binance further noted: “We aim to provide over 30 tokens as a first step. We will provide updates and more information once new tokens are confirmed.”

In November last year, Binance said it had acquired 100% of Sakura Exchange Bitcoin (SEBC), a Japanese crypto exchange service provider regulated by Japan’s top financial regulator, the Financial Services Agency. “The Japanese market will play a key role in the future of cryptocurrency adoption. As one of the world’s leading economies with a highly-developed tech ecosystem, it’s already poised for strong blockchain uptake,” said Takeshi Chino, general manager of Binance Japan.

What do you think about Binance launching a local platform for Japan residents to comply with regulations? Let us know in the comments section below.

source https://news.bitcoin.com/binance-launching-new-crypto-trading-platform-in-japan-this-summer-to-comply-with-regulations/