Binance, a leading cryptocurrency platform, is introducing a platform tailored for Japanese customers, ensuring adherence to local regulations.
Binance said, “We are pleased to announce that we have created a new platform for residents in Japan in order to fully comply with local regulations. The new platform will be available this summer.”
Binance has announced that it will cease support for Japanese users on its global platform by November 30, 2023.
Effective immediately, residents of Japan face trading restrictions and are unable to engage in Leveraged Tokens trading or subscriptions. However, they retain the ability to redeem existing positions until June 23, 2023. Furthermore, commencing from June 23, 2023, maximum leverage of 10X will be imposed on Futures trading.
The user ensures that you close any open positions or subscriptions you have before June 23, 2023, as Binance will be closing any remaining open positions on that date. It is advised to manage and close all open positions by November 19, 2023.
Binance will progressively limit the features and capabilities of its global platform for Japanese users leading up to the specified date, while simultaneously introducing a new platform in Japan that caters to the market’s specific needs and regulatory standards.
Binance has informed its Japanese users that the migration link for completing identity verification (KYC) will be accessible between August 1 and November 30, 2023. Users are advised to utilize this timeframe to complete the necessary verification process.
Also Read: Japan’s New Anti-Money Laundering Rules Combat Crypto Crime
