Binance Announces Suspension of Crypto Services Offering in Japan
The cryptocurrency exchange is hard at work constructing Binance Japan.
Japanese customers will have access to a localized platform in upcoming months.
Binance, the biggest cryptocurrency exchange in the world, stated on Saturday that it would stop providing cryptocurrency services to Japanese customers as of November 30, 2023. The crypto exchange has taken this decision as part of its continued efforts to meet regulatory requirements and guarantee compliance in the countries where it operates.
Binance, the cryptocurrency exchange, is hard at work constructing Binance Japan. A local platform will open in the upcoming months in order to meet local legal requirements. The localized platform is designed to meet the needs of Japanese traders. By facilitating a legal and straightforward transaction environment in Japan.
Eyeing Long Run With Compliance
To facilitate a seamless transition, the exchange will provide a migration link for Japanese users to finish the Know Your Customer (KYC) procedure. The official announcement says that customers must complete the KYC process by November 30th. Therefore the link will be available from August 1st until that date.
Japan has been an early advocate for the development of the cryptocurrency industry. It is serious about providing a safe and open ecosystem for cryptocurrency investors and consumers, as seen by its recent publication of detailed rules for crypto firms.
Binance is committed to following these rules so that the cryptocurrency sector may thrive in the long run. When Binance Japan launches, Japanese customers will have access to a localized platform that is both user- and currency-friendly. Binance has been actively growing its foreign presence in recent months.
The company has previously been granted a Digital Asset Licence by the Thai Ministry of Finance. As a result, Binance and Gulf Innova Co., Ltd. were able to develop a partnership and launch a new trading platform under the name Gulf Binance.
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Filed under: Bitcoin - @ May 28, 2023 8:54 am