One of the top cryptocurrency exchanges in the world, Binance, is getting ready to introduce a platform specifically for Japanese consumers. In a recent blog post, the company said it would transfer Japanese users from its worldwide exchange to a local platform that adheres to local laws. This action comes after Binance successfully established several businesses of a similar nature in other nations, such as Binance.US, for the American market. This summer is the anticipated release date for the new platform, and Binance plans to give more information and make an official launch announcement in the coming months. With this tactical move, Binance hopes to address Japanese cryptocurrency traders’ specific requirements while complying with the regulatory framework that the global exchange cannot fully meet.
New local platform for Japenese users
The well-known cryptocurrency exchange Binance is making significant progress toward developing a dedicated crypto platform for Japanese users. The action reacts to local laws that the international exchange can only partially follow. The new platform is scheduled to go live this summer; the precise launch date and other information will be revealed on trading platforms like Bitcoin Apex in the following months.
The current worldwide platform will gradually stop providing services to Japanese citizens beginning on November 30, 2023, and ending on that day. Starting on August 1st, 2023, customers can switch to the new local platform through a new identity verification procedure (KYC).
Customers can contact customer care through CS chat for questions or issues. The migration to the new local platform and the eventual limitations on the current global platform are described in the planned schedule.
Japanese citizens can create new derivative accounts on the international platform on May 26th, 2023. Options trading will be impacted on June 9th, 2023, with users unable to open or increase existing positions. Existing roles must be filled before June 23rd, 2023, or all orders will be cancelled. Leveraged Tokens (BLVT) trading and subscription restrictions go into effect on the same day, while users can still redeem their current investments through June 23.
There will be additional modifications from June 21st – 23rd, 2023, with a 10X leverage cap on trading pairs for futures. By June 23rd, all open positions and subscriptions connected to leveraged tokens and options will be automatically liquidated, with the corresponding cash being returned to users’ wallets. As a result, all positions and subscriptions should be watched and closed.
From August 1st through November 30th, 2023, the migration link will be accessible for completing identity verification (KYC). Over 30 tokens will be supported for spot trading on the new local platform, while the list is subject to change. After December 1st, users who complete KYC for migration can use the new platform and their permitted tokens will be transferred immediately. It is advised for anyone who possesses unpermitted tokens to exchange them for authorised tokens or withdraw them to an external wallet. On November 30th, 2023, all prohibited tokens will be immediately converted to Bitcoin.
Additional changes include the inability to subscribe to new Earn products on the worldwide platform as of October 27th, 2023, and the prohibition on opening new positions with Margin trading. On November 20th, 2023, futures trading will end, with open positions being liquidated and available balances being transferred to wallets. The Earn and Margin trading services will expire on November 27th, 2023. Digital assets and accumulated rewards will be refunded to users’ spot wallets at that time.
Finally, all services—aside from Spot trading—will end on November 29th, 2023, and Spot trading services will likewise end on November 30th, 2023. Spot trading open positions will be instantly closed, and prohibited assets will be converted to bitcoin. On December 1st, 2023, the migration to the new local platform will be finished, allowing users who have completed KYC to start utilising the platform, while those who have not will only be permitted to withdraw assets.
These actions demonstrate Binance’s dedication to abiding by regional laws and giving Japanese users a customised crypto trading experience.
Benefits to Japanese users
The local crypto community gains from the debut of the specialised Binance platform designed for Japanese customers in several ways. It addresses the Japanese government’s strict regulatory requirements ensuring compliance with local laws.
The platform provides Japanese users greater transparency, security, and legal protection by working within the regulatory framework. A localised platform explicitly designed for the Japanese market is also available, which makes trading more accessible and more smooth. Users can access a carefully curated list of trading pairs, giving them a targeted and effective platform for cryptocurrency trading requirements.
Users can continue their crypto trading operations while adhering to the regulatory environment thanks to the migration procedure from the global platform to the new local platform. Overall, the introduction of the Japanese-focused platform by Binance gives Japanese customers more accessibility, compliance, and convenience, enabling them to trade cryptocurrencies with confidence.
Binance has taken a big step towards compliance and meeting the specific demands of the Japanese crypto community by launching a specialised crypto platform for Japanese users. The switch to the new local platform guarantees improved compliance, security, and an easy-to-use trading environment. Binance allows Japanese users to trade cryptocurrencies confidently by offering a carefully curated range of trading pairs and emphasising regulatory compliance. This tactical approach promotes openness and regulatory compliance while solidifying Binance’s foothold in Japan. Overall, Binance’s introduction of the Japanese-specific platform gives Japanese customers ease, compliance, and accessibility, allowing them to engage effectively in the cryptocurrency market.