Crypto exchange Binance launches new compliant platform for users in Japan

SAN FRANCISCO: Leading blockchain and cryptocurrency platform Binance has announced the launch of a new platform for customers in Japan to comply with local regulations.

"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 said.

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.

Moreover, the crypto exchange said that the new platform will offer a range of services and products tailored to the Japanese market and regulatory requirements.

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.

The cryptocurrency platform also stated that while it does not agree with the new regulations, it hopes to continue working with Canadian regulators to develop a regulatory framework for cryptocurrencies.