Binance to launch a new crypto exchange in Japan, adheres to nation’s regulatory compliance

For consumers in Japan to comply with local rules, leading blockchain and cryptocurrency platform, Binance, has announced the creation of a new platform. 

As per the Japanese authorities, the financial stability of cryptocurrency investors is not put in danger by the technology itself. Instead, the absence of regulations has prevented the sector from becoming a secure place to interact. 

More on the launch of upcoming crypto platform 

According to closed sources, the aforementioned transition will take place this summer, but no date has been revealed by the company yet. As per Binance, it will reportedly discontinue its support for Japanese users on its global platform by 30 November 2023. 

The cryptocurrency exchange also mentioned that a variety of services and cryptos will be available on the new platform, all of which will cater to the Japanese market and legal needs. 

Ensuring a smooth transition process to the new crypto exchange platform 

To facilitate a smooth migration process, Binance sent its Japanese users a detailed schedule. As per the exchange, providing customers with such a plan would help them get familiar with this new local ecosystem. 
 
As per the confirmation from the company, thirty coins in total will initially be listed for spot trading on Binance Japan. It also assured that all tokens listed on its exchange in the nation comply with all applicable local regulations. Furthermore, Binance will eventually expand this exchange by adding other digital assets that can be purchased or sold in Japan.

Prior to 2018, Binance was active in Japan but was forced to stop due to a lack of necessary permissions. The Financial Services Agency (FSA) of Japan at the time required Binance to provide proof of compliance before restarting its services in Japan.