By Tom Blitzer
Key Insights:
- Binance discontinues services for Japanese customers, focusing on regulatory compliance and developing Binance Japan for a seamless transition.
- Binance Japan caters to local requirements, offering a secure platform for Japanese traders to conduct transactions within the country.
- Binance’s collaboration with Gulf Innova Co., Ltd. led to the launch of Gulf Binance, a new trading platform enabled by a Digital Asset License.
Binance, the largest global cryptocurrency exchange, announced its intention to discontinue cryptocurrency services for customers in Japan starting from November 30, 2023. This strategic move aligns with Binance’s ongoing commitment to fulfilling regulatory obligations and ensuring compliance within its jurisdictions.
Binance, the renowned cryptocurrency exchange, is diligently developing Binance Japan. In the coming months, they will inaugurate a platform specifically tailored to adhere to the legal obligations of the local jurisdiction. This localized platform has been meticulously crafted to cater to Japanese traders’ distinct requirements and preferences, enabling them to conduct transactions securely and competently within the country.
Seamless Transition: Japanese Users Embrace KYC
The exchange will give Japanese users a migration URL to finalize the Know Your Customer (KYC) protocol to ensure a smooth shift. According to the official statement, customers must accomplish the KYC procedure by November 30th. Consequently, as mentioned earlier, the link will be accessible starting August 1st and will remain active until the above deadline.
Japan has emerged as a leading supporter of the cryptocurrency sector from its inception. The country’s commitment to fostering a secure and transparent environment for individuals and businesses involved in cryptocurrencies is evident through its recent release of comprehensive regulations tailored for crypto enterprises.
Binance’s Worldwide Growth Signals Crypto Success
Binance’s unwavering dedication to adhering to these regulations ensures the flourishing of the cryptocurrency industry over time. With the imminent launch of Binance Japan, Japanese users will enjoy a customized platform that prioritizes user experience and seamlessly accommodates local currencies. Recently, Binance has expanded its international footprint, showcasing its commitment to global growth.
The Thai Ministry of Finance has granted the company a Digital Asset Licence in the past, paving the way for a collaboration between Binance and Gulf Innova Co., Ltd. This partnership has enabled them to introduce a novel trading platform called Gulf Binance.
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