Cryptocurrency exchange Binance has announced plans to launch a new platform designed specifically for Japanese residents.
The company announced that existing services for residents of Japan will be terminated on November 30, 2023.
Binance Establishes Local Exchange in Japan
This move comes as Binance aims to comply with local regulations and establish a local exchange dedicated to serving Japanese users.
The new platform is scheduled to go live this summer, with more details and an exact launch date to be announced in the coming months.
As part of the transition to the new local platform, Binance has informed its customers residing in Japan that existing services on the global platform will be discontinued on November 30, 2023. However, users will have the opportunity to migrate to the new platform through a new authentication process known as KYC (Know Your Customer).
The pass link required for users residing in Japan to complete KYC will be available from August 1 to November 30, 2023.
To allow for a smooth transition, Binance has provided a detailed schedule of gradual restrictions and the transition process. From May 26, 2023, users residing in Japan will no longer be able to open new derivative accounts on the global platform.
Then, on June 9, 2023, restrictions will be placed on options and BLVT (Binance Leveraged Token) trading. Users will not be able to open or increase new positions and all pending orders will be cancelled.
As of August 1, 2023, the pass link will be available for users residing in Japan to complete KYC. The tokens available for spot trading on the new native platform will include more than 30 tokens, with the exact list subject to change.
*Not investment advice.