Binance to launch separate exchange in Japan
Global platform services for local residents will be discontinued on November 30
29.05.2023 - 09:20
328
3 min
0
What’s new? On November 30, crypto exchange Binance will stop providing services to Japanese residents. A new platform, fully compliant with local regulations, will be launched for them over the summer months. Users of Binance’s global exchange will be able to switch to a local exchange with a new identity verification process (KYC), which will be available after August 1, 2023, according to the company’s website.
What else is known? According to the migration schedule, starting May 26, Japanese residents cannot open new derivative accounts on the global platform. Users have until June 23 to close all existing trading positions related to options and leverage. Otherwise, they will be closed automatically, with the corresponding funds being returned to their wallets. From June 23, leverage on futures will be limited to 10X. In the fall, all services on the global platform will be shut down in stages for the country’s residents.
From August 1 to November 20, a link will be available for residents of Japan to check KYC and switch to the new platform. Trading on it will be possible after December 1 and only with permitted tokens, the exchange will provide its list later. All unpermitted tokens will automatically be converted to bitcoin on November 30.
Japan simplifies rules for token listing on crypto exchanges
Platforms will now be able to place coins without lengthy pre-screening
Earlier, Binance received a license in Thailand. The local platform is expected to launch in the fourth quarter of 2023. In April, the Australian regulator revoked Binance’s derivatives license, ordering it to close all user positions and also began an inspection of the company’s local business.
In March, the US Commodity Futures Trading Commission (CFTC) accused the global exchange and its head, Changpeng Zhao, of illegally providing services to US citizens, after which the media reported that the businessman intended to sell a stake in the US arm, Binance.US. That same month, a group of investors filed a $1 billion lawsuit against Binance.
Useful material?
Telegram 
Twitter Incidents
The search, the reason for which was not announced, took place a week after the election, the results of which Polymarket users predicted quite accurately
Nov 14, 2024
Market
Analysts point to the growing popularity of the first cryptocurrency as a safe haven asset
Nov 13, 2024
Market
The product will begin trading on the Swiss Exchange on November 19
Nov 12, 2024
Market
The company’s unrealized profits from investing in the first cryptocurrency approached $13 billion
Nov 12, 2024
Market
The company predicts that the rate of the first cryptocurrency will grow to $200 000 by the end of next year
Nov 11, 2024
Technologies
The company also unveiled its own blockchain adoption index
Nov 11, 2024
Cryptocurrency rates
-
Bitcoin
$89 812
BTC
-1.13%
-
Ethereum
$3 077.49
ETH
-2.12%
-
BNB Smart Chain
$579.4
BSC
+1.23%
-
Ripple
$1.08
XRP
-6.09%
-
Dogecoin
$0.364544
DOGE
+0.03%
-
Cardano
$0.704303
ADA
-7.39%
-
Bitcoin Cash
$433.23
BCH
-6.91%
-
Polkadot
$5.41
DOT
-7.37%
-
Litecoin
$87.36
LTC
-8.8%
-
Stellar XLM
$0.203468
XLM
-7.16%