In an effort to comply with local regulations and provide enhanced services to its customers in Japan, Binance, one of the world’s leading cryptocurrency exchanges, has announced the creation of a new platform specifically designed for residents in Japan. The transition to the new local platform is scheduled to take place this summer, with the official launch date and further details to be announced in the coming months.
To facilitate a smooth migration process, Binance has provided a detailed schedule outlining the gradual restrictions that will be implemented on its global platform for Japan resident users. It is important for customers to familiarize themselves with these changes to ensure a seamless transition to the new local platform.
Starting from May 26, 2023, Japan resident users will no longer be able to open new derivative accounts on the global platform. Further restrictions will be implemented on June 9, 2023, affecting options trading and Leveraged Tokens (BLVT). Japan resident users will not be able to increase or open new positions for options, and all pending orders will be canceled. Additionally, trading and subscription services for Leveraged Tokens will be discontinued, with users only able to redeem existing positions until June 23, 2023.
On June 23, 2023, Binance will close any remaining open positions related to Options and Leveraged Tokens. Automatic liquidation will occur, and funds will be returned to users’ wallets. It is crucial for users to monitor their open positions and close them before this date to avoid any inconveniences.
Further changes will take place on August 1, 2023, when the migration link for Japan resident users to complete the new identity verification process (KYC) will be made available. The KYC process must be completed between August 1 and November 30, 2023, to ensure a seamless transition to the new local platform. Following successful verification, users will be able to utilize the new platform from December 1, 2023, onwards.
The new local platform will offer over 30 tokens for spot trading, with the exact list of available tokens to be confirmed and shared separately. It is important to note that unpermitted tokens held by Japan resident users must either be converted to permitted tokens or withdrawn to an external wallet before November 30, 2023. Any unpermitted tokens remaining after this date will be automatically converted to BTC.
The transition process will also result in the discontinuation of certain services on the global platform. Japan resident users will be unable to open new positions with Margin trading starting from October 27, 2023, and will no longer be able to subscribe to new Earn products from that date onwards. Additionally, Futures trading will be ceased on November 20, 2023, and margin trading and Earn services will be discontinued on November 27, 2023. Spot trading services will be the final service to be ceased on November 30, 2023.
Source: https://azcoinnews.com/binance-announces-transition-to-new-local-platform-for-japan-residents.html
