Binance Announces Stop Operating In Japan But There Will Be Replacements

Binance will stop its services. (Photo; Doc. Kogocrypto)

JAKARTA One of the largest crypto exchanges in the world by its daily trading volume, Binance, announced shocking news. The crypto company founded by Changpeng Zhao will stop its services for Japanese citizens.

The termination of crypto services will be carried out on November 30. This step was taken as part of Binance's efforts to comply with local regulations and ensure Binance's compliance with other countries. The information was conveyed by Binance on Saturday, May 27.

To meet regulatory requirements, Binance is developing their local crypto trading platform, which will be known as Japan's Binance. The Japanese Binance crypto exchange plans to launch in the summer of 2023. The platform will be dedicated specifically to serving users in Japan, with the aim of providing law-abiding and user-friendly trading experiences in Sakura country.

In order for the transition to run smoothly, Binance will provide a migration link that allows users in Japan to complete the identity verification process (KYC). The link will be accessible from August 1 to November 30. Binance emphasizes the importance for users to complete the KYC procedure to comply with the new applicable regulations.

Japan has been known to have strict rules for the crypto industry, especially after the collapse of Japan-based crypto exchange Mt Gox. Most recently, the country published special guidelines for crypto companies as an attempt to create a safe and transparent environment for investors and users. By complying with these regulations, Binance hopes to build trust and promote long-term sustainability in the cryptocurrency industry.

Japan's Binance launch will bring local currency support, Yen. In recent months, Binance has expanded its operations to various countries. Previously, they managed to obtain an operating permit from Thailand's Ministry of Finance. This success allowed Binance to collaborate with Gulf Innova Co, Ltd and create a new trading platform known as "Gulf Binance".