Binance CEO “CZ” announced that Binance Japan plans to launch its full-service platform in August, with trading expected to commence within a few months.
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Binance, the world’s largest crypto exchange, will begin providing full services on its new platform for Japanese users by August, according to CEO Changpeng “CZ” Zhao’s announcement on Tuesday.
Last year, Binance acquired 100% stake in Sakura Exchange BitCoin (SEBC), a Japanese crypto trading platform, to re-enter the Japanese market as a regulated crypto platform.
Binance to Launch Full-Service Crypto Exchange in Japan
During the WebX conference, Binance CEO “CZ” announced that Binance Japan will launch its full-service platform in August.
CZ praised Japan’s leadership in the Web3 regulatory landscape, citing their clear regulations for crypto exchanges since 2017. Binance is thrilled to participate in the Japanese market once again.
In November, Binance acquired 100% of Sakura Exchange BitCoin (SEBC) to re-enter the Japanese market as a regulated entity under the Japan Financial Services Agency (JFSA). In May of this year, Binance announced its plans to establish a platform that fully complies with local regulations.
Binance announced the creation of a new platform specifically designed for Japanese residents to ensure full compliance with local regulations. As of November 30, services on the current global platform will no longer be accessible to users in Japan. To continue using Binance, residents can transition to the new local platform by completing a new identity verification process introduced after August 1.
On December 1, Binance will finalize the transition to its new local platform, allowing users to access and utilize it. Users who do not complete the KYC (Know Your Customer) process will only be able to withdraw their assets.
Binance Under Regulatory Scrutiny
Amidst increased regulatory scrutiny following the FTX collapse, Binance encountered significant challenges in various countries, particularly the US. The CFTC and SEC filed lawsuits against the exchange, and further investigations have raised the possibility of a DOJ lawsuit.
Binance and CEO CZ plan to file a motion seeking the dismissal of the CFTC lawsuit. The platform’s trading volume declined in the aftermath of these lawsuits.
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
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