Crypto exchange Binance has announced that it will be transitioning its Japan users to a new platform beginning this summer. The new platform will comply with all Japanese regulations.
The migration of all Japan-based users to a new regulated platform comes after the company completed the acquisition of Sakura Exchange BitCoin (SEBC), a local cryptocurrency exchange.
The deal was completed in November 2022 and is part of Binance’s expansion strategy amid greater alignment with regulatory compliance.
Binance plans to rebrand SEBC, regulated by the JFSA, to Binance Japan.
Binance to Restrict Services Amid Transition
As part of its transition, Binance has said it will gradually restrict services on its global platform Binance.com for local users. The new restrictions began on May 26, 2023, with users no longer able to open new derivative accounts.
The exchange will also discontinue options trading and Leveraged Tokens (BLVT) as from June 9, before cutting off all Japan-based users from the Binance.com platform on November 30, 2023.
By then, users in the country will have had an opportunity to migrate to the new platform after completing a new identity verification process. According to the notice, the new know your customer (KYC) process will be available as from August 1, 2023, Binance said.
Additionally, Japan residents who complete the KYC as required and hold supported coins will have access to the new Binance Japan after December 1. Users who will not have completed the mandatory verification process will only access withdrawals.
