Binance To Suspend Crypto Services For Japan By Nov 30

Crypto News: On Saturday, the world’s largest cryptocurrency exchange, Binance, announced the discontinuation of its crypto services for residents of Japan, effective November 30, 2023. This decision was made as part of ongoing efforts by Binance to comply with regulatory standards and assure compliance in the countries the crypto giant operates.

Upcoming  Binance Japan Launch

In an effort to comply with regulatory guidelines, the Binance exchange is actively developing its local platform — Binance Japan — which is scheduled to launch in the summer of 2023. The dedicated platform aims to cater specifically to Japanese users, providing a compliant and user-friendly trading experience within the country.

Read More: Expert Who Called 2008 Market Crash Predicts 60% Drop, Crypto To Crash As Well?

In order to ensure a smooth changeover, the exchange will provide a migration link, allowing users in Japan to complete their identity verification (KYC) process. According to the official statement released, the link will be accessible from August 1 until November 30 and it’s crucial for users to complete the KYC procedure to comply with the new regulations.

Japan’s Growing Regulatory Stance

Japan has always been regarded as a pioneer in fostering crypto growth within the country. And, its recent issuance of specific guidelines for crypto companies reflects its dedication to ensuring a secure and transparent environment for investors and users alike. By adhering to these regulatory guidelines, Binance aims to foster trust and promote the long-term sustainability of the cryptocurrency industry.

The launch of Binance Japan will provide users with a localized platform that offers a user-friendly experience with local fiat support. In recent months, Binance has been expanding its operations across international borders. Earlier, the firm was successful in obtaining a Digital Asset Licence from Thailand’s Ministry of Finance. This allowed the exchange to establish a new trading platform dubbed “Gulf Binance” which is a joint venture between Binance and Gulf Innova Co., Ltd.

Also Read: Binance CEO Reacts To China Releasing Web 3.0 White Paper Amid Hong Kong Crypto Push

CoinGape comprises an experienced team of native content writers and editors working round the clock to cover news globally and present news as a fact rather than an opinion. CoinGape writers and reporters contributed to this article.

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.