Binance urged its existing Japanese users to begin migrating to the new platform by August 1
Binance, the world’s leading crypto exchange in market capital, is switching to a new platform explicitly tailored for customers in Japan to comply with local regulations. The said transition will occur this summer, with the specific date yet to be announced.
“We are pleased to announce that we have created a new platform for residents in Japan to fully comply with local regulations. The new platform will be available this summer,” Binance said.
Binance delivered a detailed schedule to its Japan users to ensure a seamless migration process. The program gives customers time to get familiar with the new local ecosystem. However, the global platform will not accept new derivative accounts for customers residing in Japan starting May 26.
The company will inform the launch date and provide further details in the coming months. According to the company, it will discontinue its support for Japanese users on its global platform by November 30, 2023.
In addition, it will gradually restrict the functionality of its global platform for Japanese users before that date.
The novel Japan-based platform will make available more than 30 tokens for trading. However, the company will later communicate the specified token list. Users with unpermitted tokens must change to permitted ones or store them in an external wallet before Nov 30. Japan-based users will not open new spots with Margin trading by Oct 27 and cannot enjoy the services of Earn products.
The platform also urged its existing Japanese users to begin migrating to the new platform by August 1, 2023, and to go through a know-your-customer (KYC) process before doing so.
“The migration link for Japan resident users to complete identity verification (KYC) will be available from August 1 until November 30, 2023,” the company said.
Meanwhile, Binance has announced its exit from the Canadian marketplace due to new stablecoin and investor limits in the country.
