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Binance to launch Japanese crypto services in August

Binance, the world’s largest crypto exchange, will launch full services on its new platform for Japanese users in August.

This marks Binance’s re-entry into the Japanese market for the first time since 2018,

following its acquisition of Sakura Exchange BitCoin in November 2022.

The announcement was made by Binance’s founder Changpeng Zhao via video.

Japanese Prime Minister Fumio Kishidia has also reaffirmed the country’s commitment to Web3 adoption,

coinciding with Binance’s announcement of the imminent launch of local services.

What are the differences between Binance’s global platform and its Japanese platform

The differences between Binance’s global platform and its Japanese platform can be summarized as follows :

  • Transition Process: Binance has announced a transition process for Japanese users, where residents currently using the global platform will gradually move to a dedicated local version.
  • This indicates that there will be a separate platform specifically tailored to the Japanese market.
  • Discontinuation of Services: Binance has discontinued global platform services for Japanese residents as of November 30, 2023.
  • This means that Japanese users will no longer have access to the global platform and will need to use the new platform designed for the Japanese market.
  • Derivatives Trading: Starting from May 26, 2023, Japan resident users are no longer able to open new derivative accounts on the global platform.
  • This suggests that derivatives trading may not be available on the Japanese platform or may have different restrictions compared to the global platform.
  • Compliance: Binance has launched a compliant platform explicitly tailored for customers in Japan.
  • This indicates that the Japanese platform will adhere to local regulations and compliance requirements specific to the Japanese market.

how does Binance plan to comply with Japanese regulations on crypto

Binance has announced that it will fully comply with Japanese crypto regulations on its new platform for Japanese users.

The new exchange aims to adhere to all Japanese cryptocurrency regulations, ensuring full compliance.

Binance has taken this decision as part of its continued efforts to meet regulatory requirements and guarantee compliance in the country.

  • The company has also established Binance Japan, a new subsidiary, to focus on regulatory compliance and regain a strong foothold in the Japanese market.

The new platform will offer trading of a limited number of tokens initially.

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