- This is to meet regulatory requirements
- The user migration is expected to take place tentatively in August
- The global platform will be closed to local customers on November 30
- The company expects to complete the “migration” by December 1
Binance is developing a new trading platform for customers in Japan. This is necessary for full “compliance with local rules.”
The exact launch date is not yet known. The press release states that the local site will be operational “this summer. The exchange promises to provide more details in the near future.
Users will be able to switch to the site, tentatively, after August 1.
At the same time, they will have to undergo an updated KYC procedure, which may be related to an earlier decision of the authorities in Japan.
We reported last week that local lawmakers intend to significantly tighten AML requirements for service providers in the CA (VASP).
The new rules are based on FATF recommendations, in particular the implementation of the “Travel Rule.”
It is interesting that Binance previously refused to enter the Japanese market because of pressure from the regulator.
However, in November 2022, the company made a deal to buy local exchange Sakura Exchange BitCoin.
It is expected that this firm will oversee the operation of the site. Notably, Binance announced trading 30 tokens at once on the new platform.
That would have been difficult to accomplish before the authorities relaxed the listing conditions.
Binance expects to complete the “migration” to the new platform by December 1 of this year.