Binance confirmed that it will re-enter the Japanese crypto market following the launch of a new crypto exchange in summer 2023.
In its recent blog post, Binance revealed a roadmap to migrate its Japanese users to a local crypto exchange after August 1, 2023. As part of the migration process, Binance’s global platform will start imposing restrictions for Japanese clients after May 26.
Starting August 1, Binance will send migration links to Japan-based clients to move them onto its new exchange. However, users who complete the KYC verification process will have to wait until December 1 before they can trade cryptocurrencies on Binance’s local exchange.
Meanwhile, Binance’s global platform will cease all crypto-related services for its Japanese user base by November 30. As a result, all Japan-based accounts on Binance.com will only have the withdrawal facility after December 1.
Furthermore, Binance users who reside in Japan must withdraw their crypto assets to external wallets, otherwise, the exchange will automatically convert their holdings to Bitcoin (BTC) by the end of November.
It is worth noting that in its initial stage, Binance’s Japanese exchange will only feature thirty crypto tokens. Moreover, the platform will not offer crypto derivatives services until it receives regulatory approval from the country’s regulators.
Earlier in 2022, Binance acquired a 100% stake in Sakura Exchange (SEBC), a crypto platform regulated by the Japan Financial Services Agency (JFSA), as part of its strategy to re-enter the Japanese crypto market. Soon, reports emerged that Binance will return to Japan after five years by rebranding SEBC as Binance Japan.
Binance has recently increased its efforts to expand operations in different nations. In April, Binance, along with Crypto.com, acquired a preparatory license from Dubai regulators. Earlier this week, Binance Gulf, a joint venture between Binance and Gulf Innova received digital assets operator licenses from Thailand’s Ministry of Finance.
Written by
Ayush Pande
Ayush Pande is a hardware, gaming, and crypto writer based in India. He's a tech enthusiast who's fascinated by the potential of blockchain technology.
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