Binance’s compliance entity in Japan will be officially opened at the end of this year. Binance Japan will allow Binance users living in Japan to migrate from August. After November this year, they will no longer be able to use the Binance International version.
Binance acquires Japanese licensed exchange, Binance Japan starts services in November
Binance fully acquired Sakura Exchange last year and changed its name to "Binance JAPAN". It has recently released its latest plan.
May 26, 2023: Japanese residents are no longer able to open new derivatives accounts on Binance Global
June 9, 2023: Japanese residents can no longer open options positions, buy or sell leveraged tokens
August 1, 2023: Migration links for Japanese resident users who have completed KYC will be available from August 1 to November 30, 2023. Spot trading of more than 30 tokens is expected to be open on the new platform Binance Japan.
Japanese resident users holding Japanese-licensed tokens can start using Binance Japan after December 1st after completing the KYC migration
Binance Global is still available until November 30th
For Japanese resident users holding Japanese unlicensed tokens, they must be transferred to an external wallet. Alternatively, all tokens will be automatically converted to BTC on November 30, 2023.
November 30, 2023: In addition to spot trading, other types of transactions will not be available to Japanese resident users.
December 1, 2023: Binance Japan is officially launched. Japanese resident users who have not completed KYC migration will only be able to withdraw assets.
Binance Taiwan? The Japanese path may be an option
Japan launched an exchange license system as early as 2018, and gradually improved it in the following years. Requires asset isolation and can only provide spot transactions, which also preserves FTX Japan's funds. According to Lianxin’s survey, there are currently 30 licensed operators in Japan.
These licensed exchanges often change operators over the years. Exchanges such as Binance and FTX obtained licenses through acquisitions.
Although Coinbase, another well-known American exchange, has obtained a Japanese license, it still has not started its services and has been suspended. (Coinbase announced the suspension of Japanese operations)
(Travel rules required to operate compliant transactions in Japan: starting from 6/1, transactions must comply with the "travel rules", and non-custodial wallets also need to be investigated)
What about Taiwan? Since the current regulatory authorities do not have a spot exchange license system, overseas brands have no substantial compliance path to enter the Taiwan market. (Only an indirect case: Taiwan Rybit and Pionex are the same company?)
If Taiwan supervision has a legal licensing system, then licensed local players include existing mature users, which should be able to bring greater diversity to the local market, just like the Binance Japan case.
FTX Japan is waiting for restart
On the other hand, FTX Japan reported in early April that it may restart operations, and this news has been confirmed in recent legal documents and will be restarted after receiving approval from Japanese regulatory agencies. In addition, since FTX Japan holds two key licenses to operate cryptocurrency exchanges in Japan, there are still many buyers interested in acquiring it.
This article Japanese users will migrate to Binance Japan from August, and Binance International will be banned from December. It first appeared on Chain News ABMedia.
