Binance has announced the end of services for Japanese residents as it prepares to launch “Binance Japan” while complying with cryptocurrency regulations.
According to the official announcement made on May 28, the world’s largest cryptocurrency exchange Binance will stop providing cryptocurrency services to Japanese customers, starting from November 30. This.
To ensure a smooth transition, the exchange will provide a migration link, allowing users in Japan to complete their identity verification (KYC) process. The link will be accessible from August 1 to November 30, and it is important for users to complete the KYC procedure to comply with the new regulations.
Reportedly, the decision was made as part of Binance’s efforts to comply with regulatory standards in the countries in which the platform operates.
In this effort, Binance is actively developing national platforms such as Binance Japan, which is expected to be launched this summer. Accordingly, this dedicated exchange will cater exclusively to the Japanese, providing a compliant and user-friendly platform.
According to research, Japan has always been considered a pioneer in promoting the growth of cryptocurrencies in the country. The recent issuance of specific guidelines for crypto companies reflects their dedication to ensuring a safe 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 crypto industry.
The launch of Binance Japan will provide users with a localized platform that offers a user-friendly experience and supports local fiat currency.
Outside of Japan, in recent months, Binance has expanded its operations across international borders. Previously, the company successfully obtained a Digital Asset License from the Thai Ministry of Finance.
This allows the exchange to set up a new trading platform called “Gulf Binance”, a joint venture between Binance and Gulf Innova Co., Ltd.