- Binance announced it created a cryptocurrency trading platform for Japanese residents set to launch this summer.
- In the process of transitioning to Binance Japan, the exchange has revealed its intention to halt its cryptocurrency services for Japanese residents via its global platform by November 30, 2023.
Binance, the largest cryptocurrency exchange globally, has declared its plans to introduce a crypto trading platform specifically catering to residents in Japan. The exchange emphasized its commitment to adhering fully to the crypto regulations set by the Japanese authorities for this platform.
Binance said:
We are pleased to announce that we have created a new platform for residents in Japan in order to fully comply with local regulations.
Adding,
The new platform will be available this summer. We will inform the launch date and provide further details in the coming months.
Binance’s Decision: Suspending Access to Global Platform for Japanese Users
In the process of transitioning to Binance Japan, the exchange has revealed its intention to halt its cryptocurrency services for Japanese residents via its global platform by November 30, 2023.
Furthermore, the exchange has announced that users currently utilizing the global platform will have the option to migrate to its new platform, set to launch after August 1, 2023.
Users of the global platform will be able to migrate to the new local platform through a new identity verification process (KYC), which will be available after August 1, 2023.
Unveiling Japan’s Vision: Digital Assets and the Role of Blockchain Technology
In September 2022, the Japanese government released an approved white paper outlining the integration of blockchain technology and central bank digital currencies (CBDCs) into its existing governance and technological frameworks.
Japan has rapidly embraced cryptocurrencies, leading prominent Japanese firms such as Toyota, Sony, and NTT to express their interest in exploring various decentralized offerings.
As a major player in the global crypto market, Japan recognizes the need to address potential risks associated with the industry.
Recently, the government announced the enforcement of stringent anti-money laundering (AML) measures across the crypto industry, effective from June 1, 2023.
Being a member state of the G7, Japan will also ensure the implementation of the “Travel Rule” established by the Financial Action Task Force (FATF), an international financial watchdog. The “Travel Rule,” extensively discussed at the recent G7 summit hosted in Japan, requires financial institutions processing crypto transfers exceeding $3,000 to disclose customer information to the recipient exchange or institution.
Japan’s new regulatory framework mandates crypto exchanges registered in the country to verify customer identity and maintain comprehensive transaction records in compliance with AML standards.
The Financial Services Agency (FSA) of Japan will oversee adherence to the new regulatory framework.
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