Cryptocurrency exchange Binance announced on May 26 that it will establish a new trading platform exclusively for domestic residents by this summer, in compliance with Japanese laws and regulations. Details such as the date of operation will be announced in the near future.
In addition, we will send information on transition procedures associated with the establishment of a new platform to Japanese residents who use global trading platforms. Users currently using the global trading platform will be sent instructions on procedures such as the migration to the new domestic platform and the identity verification required to open an account after August 1st.
First step in entering the Japanese market
Binance entered the Japanese market in November 2022 with the acquisition of Sakura Exchange Bitcoin (SEBC). The new trading platform exclusively for domestic residents announced today is the first step.
The global trading platform will stop providing services for residents of Japan on November 30, 2023. The company name is also scheduled to be changed from Sakura Exchange Bitcoin to “Binance Japan Co., Ltd. (tentative name)”.
The following services are scheduled to start this summer, and after that, we will expand the handling of each service and aim to provide derivatives trading services including futures trading as soon as possible.
In addition, we plan to develop various initiatives in Japan that make use of Binance’s ecosystem, such as the educational platform “Binance Academy”, which is provided free of charge to promote Web3 education.
■Outline of new services in Binance Japan
- Crypto Asset Spot Trading: Deposit/Withdrawal, Trading
- Lending crypto assets: Simple Earn, automatic purchase (accumulation)
- NFT: NFT Marketplace
- Crypto Asset Derivative Trading (timing undecided)
- Others: Binance Academy, etc. (sequentially)
Binance was warned by the Financial Services Agency for providing cryptocurrency trading services without registration to residents of Japan.
What kind of impact will a full-fledged entry into the Japanese market have? From a global perspective, will this accelerate the situation in Japan, where regulations have been put in place and Web3 has been positively evaluated? In the first place, is it possible to acquire new accounts smoothly in the competition with domestic business operators? Its movements are noteworthy.
｜Sentence: Coindesk JAPAN Editorial Department
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