A local cryptocurrency trading platform will be made available to Japanese citizens this summer, according to news from the leading cryptocurrency exchange Binance. Binance penned: To completely adhere to local rules, we are happy to inform you that we have developed a special platform for residents of Japan.
This summer, the new platform will go live. In the upcoming months, we will announce the debut date and provide additional information.
New Crypto Platform
The notice also states that on November 30, the services provided by Binance’s global platform would no longer be available to citizens of Japan. Users of the global platform will be able to switch to the new local platform after August 1, 2023, thanks to a new identity verification method (KYC).
On December 1, all Binance.com accounts held by users who are local Japanese residents will be switched to “withdrawal-only mode,” according to Binance. Binance also mentioned that its new Japan platform “will not provide derivatives services at the initial stage to comply with local regulations.”
- Binance has developed a local cryptocurrency trading platform for Japanese citizens.
- Binance’s global platform will no longer be available to citizens of Japan.
- Binance Japan will increase the number of cryptocurrencies available for spot trading.
According to the cryptocurrency company, the following cryptocurrencies will be accessible on the new Binance Japan platform: At first, Binance Japan will only have a small number of tokens available for spot trading, and certain product offers are restricted to adhere to local laws. When it is feasible, we will increase the number of our offerings.
In the first phase, Binance intends to distribute over 30 tokens. They will offer updates and more information as soon as additional tokens are validated.
Binance announced in November of last year that it had purchased all of Sakura Exchange Bitcoin (SEBC), a Japanese cryptocurrency exchange service provider governed by the Financial Services Agency, the country’s main financial watchdog. The Japanese market will be a key element in determining whether cryptocurrencies are accepted in the future.
According to Takeshi Chino, general manager of Binance Japan, Japan is already primed for substantial blockchain uptake as one of the world’s leading economies with a highly developed tech ecosystem.