Binance, which has the most market capital of any cryptocurrency exchange in the world, is switching to a new platform that is specifically made for customers in Japan to meet with local laws. The change will happen this summer, but the exact date hasn’t been set yet.
Binance convinces users in Japan to use the new app.
In a recent press release, Binance told its users in Japan that it would start a new platform that would follow Japan’s rules. With the launch of the new platform on Nov. 30, the Binance global platform will no longer be used. This happened after the company bought the Japanese company Sakura Exchange Bitcoin Company (SEBC).
Binance gave its Japanese users a detailed plan so that the move would go smoothly. The program gives users time to get used to the new environment in their area. On May 26, however, customers in Japan will no longer be able to open new derivative accounts on the global platform.
On August 1, 2023, users in Japan will start moving to the new platform. Still, they have to go through a new “Know Your Customer” (KYC) process to make the switch. The press statement says that customers who couldn’t switch by November 30 can only withdraw their assets.
Binance’s global platform will end in Japan.
The exchange will stop trading and Leveraged Tokens (BLVT) on June 9. On November 30, Japanese people will no longer be able to use the global platform.
More than 30 tokens will be available to trade on the new market in Japan. But the company will send out the list of defined tokens later. Users who have tokens that are not allowed must change them to ones that are allowed or put them in an external wallet before November 30. By October 27, users in Japan won’t be able to open new Margin trading spots or use Earn goods.
Binance’s operations in Japan show that the company is trying to take over Asia despite problems in different countries. The top cryptocurrency exchange in the world got a digital asset operating license from Thailand on May 26. It also partnered with Gulf Innova and took a “compliance-first” strategy. In the fourth quarter of 2023, the company will start to do operations in Thailand.