Binance to launch separate exchange in Japan

Global platform services for local residents will be discontinued on November 30

29.05.2023 - 09:20

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3 min

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.

News on the Binance 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.

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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.

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