Information for Japan Resident Customers of Binance.com About Transition to the New Local Platform
We are pleased to announce that we have created a new platform for residents in Japan in order to fully comply with local regulations. The new platform will be available this summer. We will inform the launch date and provide further details in the coming months.
With regard to the global platform you are currently using, please note the current services will be gradually discontinued by November 30th 2023 for Japan residents.
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 14, 2023.
If you have any questions, please reach out to customer service via CS chat.
＜Upcoming Schedule of Gradual Restrictions of Global Platform and Migration Process to New Local Platform＞
May 26, 2023
Japan resident users will not be able to open new derivative accounts on the global platform.
June 9, 2023
Options: Japan resident users will not be able to increase positions or open new positions. All pending orders will also be canceled. You will have to close any existing positions you may have before June 23, 2023.
BLVT: Japan resident users will not be able to trade (buy/sell) or subscribe to Leveraged Tokens. You will continue to be able to “Redeem” existing positions until June 23, 2023.
Jun 21- 23, 2023
With effect from June 21 to 23, 2023, the Futures trading pairs will be limited to a leverage of 10X. Futures users will receive separate notifications with details of these changes.
Options & BLVT: Please monitor any open positions or subscriptions you have and close them before June 23, 2023. On June 23, 2023, Binance will close any remaining open positions.
Any open positions relating to Leveraged Tokens and Options will be liquidated automatically and the respective funds will be returned to your wallet.
August 14, 2023
The migration link for Japan resident users to complete identity verification (KYC) will be available from August 14 until November 30, 2023.
Tokens available for spot trading in the new local platform: over 30 tokens. *Subject to change. The actual list of tokens will be shared separately once confirmed.
Japan resident users who have permitted tokens:
If you complete KYC for migration, you will be able to start using the new local platform after December 1 and your permitted tokens will be automatically transferred to the new local platform.
You can continue using the global platform until November 30, even after you complete KYC.
Japan resident users who have unpermitted tokens:
Please convert your unpermitted tokens to any of the permitted tokens or withdraw them to an external wallet. All the unpermitted tokens will be automatically converted to BTC on November 30, 2023.
October 27, 2023
Japan resident users will not be able to open new positions with Margin trading.
Japan resident users on the global platform will not be able to subscribe to any new Earn products.
November 6, 2023
Japan resident users will not be able to increase existing Futures positions or open new positions, and all open orders will be canceled.
Please monitor any open positions you have and close them by November 19, 2023.
November 20, 2023
Futures will be ceased.
Open Futures positions will be liquidated and any available balance will be transferred to your wallet.
November 27, 2023
Margin trading services will be ceased.
Open positions will be liquidated.
Earn services will cease. The digital assets you used to subscribe will be returned to your spot wallet, together with any accrued rewards.
November 29, 2023
All services except for Spot trading will be ceased.
Detailed information will be provided separately.
November 30, 2023
Spot trading services will be ceased.
Spot trading services will be ceased.
Any open positions relating to spot trading will be canceled automatically. Japan resident users will not be able to open new positions.
Unpermitted assets will be automatically converted to BTC within the same day.
December 1, 2023
Migration completed to the new local platform.
Japan resident users who completed KYC for migration will be able to start using the new local platform.
Users who haven’t completed KYC will only be able to withdraw assets.
FAQs
I have Futures positions where the trading pair has been leveraged greater than 10x. What do I need to do?
With effect from June 21, 2023, the maximum leverage available for all futures trading pairs in your region is 10x. If you have positions higher than 10x, your position(s) will automatically be restricted from any further trading activity under that trading pair. This means you won’t be able to open new positions or increase your position relating to that specific trading pair as your leverage is greater than 10x. Please note, you will still be able to reduce your positions whilst in this restricted state.
In order to remove this restriction and open positions under 10x leverage, you will need to either close your positions or reduce them to under 10x. Once this is completed by you, Binance will reinstate your trading access to allow trading up to 10x. Access will be reinstated periodically over the course of the week. You can also contact our Customer Support team and request for the trading restriction to be removed, please note, this can take up to 24 - 48 hours. Once the restriction is removed, you will be free to access trading up to 10x leveraged for each trading pair.
All existing Futures orders will be canceled from 21 to 23 June 2023 (including orders with limit leverage less than or equal to 10x). However, you can start creating new orders, up to 10x leveraged for each trading pair, from the 24 June 2023
Please also note that from November 6, 2023, you will not be able to open new futures positions or increase existing futures positions, and that you will be required to reduce and close all futures positions by November 19, 2023.
I have Futures positions where the trading pair is leveraged less than 10x. What do I need to do?
As your trading pair position(s) are leveraged at less than 10x there is no impact to your open positions. You can continue to access trading up to 10x leveraged for each trading pair.
Your adjusted leverage will be resetted to 10x and you can re-adjust this to the preferred leverage between 0 - 10
All existing Futures orders will be canceled from 21 to 23 June 2023 (including orders with limit leverage less than or equal to 10x). However, you can start creating new orders, up to 10x leveraged for each trading pair, from the 24 June 2023I have BLVT subscriptions. What do I need to do?
With effect from June 9, 2023, you will no longer be able to make new subscriptions to BLVT. Please note that you are required to redeem any existing BLVT subscriptions by June 23, 2023. After this date, any existing BLVT you may have will be automatically redeemed and returned to your spot wallet.
I have Options positions. What do I need to do?
With effect from June 9, 2023, you will no longer be able to open new Options positions or increase existing Options positions. Please note that you are required to reduce and close all existing Options positions by June 23, 2023. After this date, any Options you may have will be automatically closed and any balance will be returned to your spot wallet.
I have open positions with spot trading. What do I need to do?
On November 30, any open positions relating to spot trading will be canceled automatically and Japan resident customers will not be able to open new positions. Unpermitted assets will be automatically converted to BTC within the same day. You will be required to close all open positions by then.
Why is Binance forcing me to close my derivatives positions?
We are in the process of establishing a local exchange dedicated to local users to comply with all applicable laws in the country. Binance is committed to complying with the laws and regulations in the jurisdictions where it operates.
Why is Binance making me use the Binance JP platform? I was happy with how things were working before.
We are in the process of establishing a local exchange dedicated to local users to comply with all applicable laws in the country. Binance is the world’s leading blockchain infrastructure provider and we are thrilled to bring our suite of services in due course.
Will Japanese users be able to continue using Binance.com?
We are on schedule to launch our local platform this summer of 2023. Japan resident users of Binance.com will be able to access the migration link to complete the identity verification process (KYC) from August 14 to November 30, 2023. In the meantime, Japan resident users can continue using the global platform until November 30, even after they complete KYC. However, Japan resident users won’t be able to use the global platform from December onwards. We will share more information once available.
Will Binance Japan offer the same products as Binance.com?
Binance Japan will have a limited number of tokens available for spot trading at the initial stage, and there are limitations on certain product offerings to comply with local regulations. We will add more products and services when it is possible to do so.
What tokens are available for spot trading under the new Japan platform?
At this point, we are unable to confirm the exact list of tokens available for the new Japan platform, but we aim to provide over 30 tokens as a first step. We will provide updates and more information once new tokens are confirmed.
Are you offering Derivatives under the new local platform?
Binance Japan will not provide derivatives services at the initial stage to comply with local regulations. In the future, we plan to continue to enrich our service offerings in Japan and will work closely with regulators to possibly provide derivatives services in a fully compliant manner.
What will happen to my assets on Binance.com?
Please note that with effect from December 1, 2023, all Binance.com accounts held by local Japanese resident users will be set to “withdrawal-only mode.” This means from December 1, 2023 onwards, you will no longer be able to trade on the global platform, and are required to withdraw your assets from the global platform.
What happens if I still have open positions in non-permitted products or tokens after the deadline?
On December 1, 2023, all positions in non-permitted products and tokens will be automatically liquidated to BTC using current market prices. Therefore we encourage users to take action before the deadline. For Futures, please monitor any open positions you have and close them by November 19, 2023. For open positions with spot trading, please close them by November 29, 2023.
What can I do with the assets that are not permitted in Binance Japan on 1st December 1?
Before the deadline, users can choose to withdraw their assets or liquidate them by November 29, 2023. After December 1, assets will be automatically liquidated and services for non-permitted products and tokens will cease.
I no longer live in Japan. Can I reset KYC/POA to continue using the global platform instead of the new Japan platform?
If you chose Japan as your Country of Residence in the past but you moved to a different country now, you can reset your Country of Residence by submitting the Proof of Address (POA) document. If you have dual citizenship, you need to choose one based on your current address and submit the Proof of Address to verify.