Binance, the centralised cryptocurrency exchange with the world's largest trading volume, has announced that it will launch a new exchange this summer, designed to comply with local regulations in Japan.
Exchange executives have announced that international trading will be suspended for Japanese traders on November 30, 2023, due to the introduction of Binance Japan. To use the new platform in Japan, customers must complete the KYC procedure from August 1 to November 30, and once they are confirmed as valid users, they will be able to use it from December 1, and all authorised crypto assets will automatically be transferred from Binance to Binance Japan.
From May 26, 2023, no new derivatives accounts will be opened for residents of Japan on the global Binance platform and positions cannot be opened after June 9. All orders pending at that time will be cancelled.
The Binance team has therefore instructed local investors to close all open trades by June 23, 2023. Leveraged crypto asset trading is also prohibited on the Binance platform. All current leveraged transactions will be closed and money will be returned to local traders' wallets.
Japan is an important figure in the global cryptocurrency market, which is why Binance registered with the Japanese Financial Services Authority (FSA) last year to obtain permission to do business in that country.
The Japanese government recently announced that they plan to introduce much stricter regulations against money laundering through digital currencies from June 1, 2023. Moreover, Japanese regulations require any cryptocurrency exchanges registered in the country to confirm the identity of their users.
