Binance Discontinues Crypto Services for Japan Residents, Focuses on Regulatory Compliance
On Saturday, Binance, the world’s largest cryptocurrency exchange, announced the discontinuation of its crypto services for residents of Japan starting from November 30, 2023. This decision was made as part of Binance’s ongoing efforts to comply with regulatory standards and ensure adherence in the countries where it operates.
To ensure a seamless transition, Binance will provide a migration link that allows users in Japan to complete their identity verification (KYC) process. Users are urged to complete the KYC procedure through the provided link between August 1 and November 30 in order to comply with the new regulations.
Japan has consistently been at the forefront of fostering cryptocurrency growth within the country. The recent issuance of specific guidelines for crypto companies demonstrates Japan’s commitment to creating a secure and transparent environment for both investors and users. By adhering to these regulatory guidelines, Binance aims to build trust and promote the long-term sustainability of the cryptocurrency industry.
The launch of Binance Japan will offer users a localized platform with a user-friendly experience and support for local fiat currencies. Binance has been expanding its operations across international borders in recent months. It successfully obtained a Digital Asset License from Thailand‘s Ministry of Finance, enabling the establishment of a new trading platform called “Gulf Binance” in partnership with Gulf Innova Co., Ltd.
Binance Announces Service Changes for Japan Residents, Shifts Focus on Regulatory Compliance
In a recent development, Binance, the world’s leading cryptocurrency exchange, has revealed significant service changes for residents of Japan. Effective November 30, 2023, Binance will discontinue margin trading and spot trading services for Japan residents. This decision comes as part of Binance’s ongoing commitment to complying with regulatory standards and ensuring adherence in the countries it operates in.
To facilitate a smooth transition, Binance will be providing a migration process for Japan users. Those who have completed the necessary Know Your Customer (KYC) verification for migration will gain access to the new local platform starting from December 1, 2023. However, users with unpermitted tokens are strongly advised to convert them to permitted tokens or withdraw them to an external wallet. On November 30, all unpermitted tokens will be automatically converted to Bitcoin (BTC).
Margin trading services will be discontinued on November 27, 2023. Any open positions will be liquidated, and the associated services will cease. Users will have their digital assets used for subscription returned to their spot wallets, along with any accrued rewards. Starting from November 29, 2023, all services except spot trading will be discontinued.
Subsequently, spot trading services will be terminated on November 30, 2023. Any open positions related to spot trading will be canceled automatically, and Japan residents will no longer have the ability to open new positions.
Binance emphasizes the importance of complying with regulatory guidelines and ensuring a secure environment for investors and users. By implementing these changes and providing a migration process, Binance aims to foster trust and promote the long-term sustainability of the cryptocurrency industry.
For users in Japan, it is advised to complete the KYC verification for migration to ensure a smooth transition to the new local platform. Those who haven’t completed KYC will only be able to withdraw their assets.
Binance acknowledges any inconvenience caused by these changes and encourages users to contact their support team for further assistance.
As the cryptocurrency landscape continues to evolve, Binance remains dedicated to adapting its services in compliance with regulatory requirements, reflecting the ongoing efforts to build trust and maintain a secure ecosystem for cryptocurrency enthusiasts.
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