Binance Launches Compliant and Secure Trading Platform in Japan, Ensuring Safe Cryptocurrency Transactions

B. Ali
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Binance, a global cryptocurrency exchange, has announced the launch of a new trading platform specifically designed for residents in Japan. According to the Binance team, this new trading platform will be available in the summer, probably after August 1, 2023. It will fully comply with the regulations set by Japanese authorities for cryptocurrency trading.

Initially, the exchange will offer a limited number of tokens for trading. However, the main aim is to provide Japanese users with a secure and regulated environment to engage in cryptocurrency trading.

Binance wrote: We are pleased to announce that we have created a new platform for residents in Japan in order to fully comply with local regulations.

Binance Discontinues Services for Japan Residents, Introduces New Local Platform

Binance has announced that it will discontinue its services for residents in Japan on November 30. However, as we previously mentioned, they will provide a new local platform for Japanese users, which will be available after August 1, 2023.

Users must complete a new identity verification process to migrate to the new platform. Starting from December 1, existing Binance.com accounts held by Japanese residents will only allow withdrawals. It’s important to note that the new Japan platform will not initially offer derivatives services to comply with local regulations.

Binance aims to ensure a smooth transition for its Japanese users while complying with the applicable rules and regulations in the country.

Binance Japan to Launch Limited Selection of Tokens for Spot Trading, Aims for Expansion and Compliance

The Binance Japan platform will initially offer a limited selection of crypto tokens for spot trading. This is because certain restrictions and regulations need to be followed. However, as rules allow, Binance plans to expand the range of products and services on the platform.

Binance has plans to introduce more options for users in the future gradually. Specifically, their focus is on ensuring compliance with local regulations while providing a reliable and secure trading experience for users in Japan.

As a first step, Binance Japan plans to offer more than 30 different tokens for trading on their platform. They will provide updates and more information once the specific tokens are confirmed. Binance recognizes the importance of the Japanese market and believes it will play a significant role in the adoption of cryptocurrencies.

By acquiring Sakura Exchange Bitcoin (SEBC), a regulated Japanese crypto exchange, Binance aims to tap into Japan’s advanced tech ecosystem and contribute to the growing acceptance of blockchain technology in the country.

Takeshi Chino, the general manager of Binance Japan, expressed optimism about the future of cryptocurrencies in Japan.

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