Binance, a renowned crypto trading platform, has tailored a platform specially designed for Japanese customers to comply with local regulations.
The company stated, “We are pleased to announce that we have created a new platform for residents in Japan in order to fully comply with local regulations. The new platform will be available this summer.”
Binance has planned to discontinue supporting Japanese users on its global platform by November 30, 2023, hence; Japanese residents now face trading restrictions and cannot engage in Leveraged Tokens trading or subscriptions. However, they have the option to redeem their existing positions until June 23, 2023. Starting from June 23, 2023, Futures trading will be subject to a maximum leverage of 10X.
To avoid any inconveniences, it is advisable to manage and close all open positions by November 19, 2023. Binance will progressively restrict the features and capabilities of its global platform for Japanese users leading up to the specified date while concurrently introducing a new platform in Japan to cater to its unique needs and regulatory standards.
Binance has informed its Japanese users that the migration link for completing identity verification (KYC) will be accessible between August 1 and November 30, 2023, and users are advised to use this opportunity to complete the necessary verification process.
Compiled by Coinbold
