Crypto exchange Binance has launched a new platform for Japanese users to ensure compliance with local regulations.
According to a press statement, the exchange would discontinue support for Japanese users on the global platform by Nov. 30, 2023.
“The new platform will be available this summer. We will inform the launch date and provide further details in the coming months,” it said.
Binance Urges Japanese Users to Migrate to Local Platform
The press statement showed that Binance would ease Japanese users to the new platform. Current users of the global exchange can start migrating to the local platform by Aug. 1, 2023. However, they must complete a know-your-customer (KYC) process before transitioning.
Additionally, the exchange would gradually restrict the functionality of the global exchange for Japanese users before Dec. 1. At that time, Japanese users who are yet to complete their KYC can only withdraw their assets on the global platform.
Meanwhile, Binance said there would be over 30 tokens available for trading on this local Japanese platform. It added a caveat that this could change when the supported tokens list is released.
Users holding unpermitted tokens can withdraw them to other platforms or self-custody. By Nov. 30, all the unpermitted tokens will be automatically converted to Bitcoin.
Global Expansion Efforts in Asia
Binance’s expansion into Japan continues its global expansion efforts in Asia amid the regulatory troubles it faces across other jurisdictions.
On May 26, Binance said it obtained a digital asset operator license in Thailand. It further revealed plans to launch a compliance-first exchange in partnership with Gulf Innova by the fourth quarter of this year.
In Mach, the exchange’s custody unit Ceffu reportedly applied for a Capital Markets Service license from the Monetary Authority of Singapore to provide custodial services in the Asian country.
Regulatory Hurdles in the West
Meanwhile, Binance faces regulatory scrutiny from the U.S., Australia, and other authorities.
BeInCrypto reported that the U.S. Commodity Futures Trading Commission (CFTC) sued Binance and its CEO, Changpeng ‘CZ’ Zhao, over violations of federal laws. Earlier this month, the exchange withdrew from the Canadian market, citing unfavorable regulatory guidelines.
At the same time, the Australian Securities and Investments Commission (ASIC) is investigating the CZ-led platform. The regulator is scrutinizing its compliance with local laws.
Disclaimer
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Source: https://beincrypto.com/binance-regulatory-compliant-japan/