Binance to Discontinue Services for Japan Residents, Plans Launch of Binance Japan in Compliance with Regulations.
Binance, the largest cryptocurrency exchange, has announced that it will stop providing crypto services to people in Japan starting from November 30, 2023. This move is part of Binance’s efforts to follow regulatory requirements and ensure compliance in the countries where it operates.
Binance is preparing to launch its services in Japan:
Binance is creating a new platform called Binance Japan to meet regulatory requirements. It will be launched in the summer of 2023 and will offer a trading experience designed for Japanese users while ensuring compliance with local regulations.
To make the transition easier, Binance will offer a special link for users in Japan to complete their identity verification process (KYC). This link will be available from August 1 to November 30. It is important for users to complete the KYC procedure during this time to comply with the new regulations.
Japan’s Increasing Regulatory Measures:
Japan has been at the forefront of promoting the growth of cryptocurrencies in the country. To further enhance the safety and transparency of the industry, Japan has introduced clear guidelines for crypto companies. Binance, in line with these regulations, is dedicated to building trust and ensuring the long-term viability of the cryptocurrency market.
Binance is set to launch Binance Japan, a platform tailored to meet the needs of Japanese users. It will offer a user-friendly experience and support for local currency transactions. Binance has been expanding globally and recently obtained a Digital Asset Licence from Thailand’s Ministry of Finance. This allowed the exchange to establish “Gulf Binance,” a new trading platform created in partnership with Gulf Innova Co., Ltd.
Important: This article is intended solely for informational purposes. It should not be considered or relied upon as legal, tax, investment, financial, or any other form of advice.