Binance, one of the world’s largest cryptocurrency exchanges, has announced the launch of a new platform for its Japanese users to comply with the local regulations.
According to a press statement, Binance will discontinue its support for Japanese users on its global platform by Nov. 30, 2023. The exchange said it will gradually restrict the functionality of its global platform for Japanese users before that date.
The new platform, which will be available this summer, will offer a range of services and products tailored to the Japanese market and regulatory requirements. Binance said it will inform its users of the launch date and provide further details in the coming months.
Binance said it is committed to providing a safe and compliant trading environment for its users and partners in Japan. It also urged its existing Japanese users to start migrating to the new platform by Aug. 1, 2023, and complete a know-your-customer (KYC) process before transitioning.
The exchange also said that there will be over 30 tokens available for trading on the new platform, but this could change when the supported tokens list is released. Users holding unpermitted tokens can withdraw them to other platforms or self-custody. By Nov. 30, all the unpermitted tokens will be automatically converted to Bitcoin.
The launch of the new platform is part of Binance’s global expansion efforts in Asia amid the regulatory challenges it faces in other jurisdictions. In May, Binance obtained a digital asset operator license in Thailand and revealed plans to launch a compliance-first exchange in partnership with Gulf Innova by the fourth quarter of this year. In March, Binance’s custody unit Ceffu reportedly applied for a Capital Markets Service license from the Monetary Authority of Singapore to provide custodial services in the Asian country.
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