- Binance is preparing to launch a trading platform in Japan. It is expected to be operational in early August 2023.
- The exchange previously bought out local counterparty Sakura Exchange BitCoin. This company is expected to be the one to manage the site’s operations.
- In May, Japanese authorities tightened AML laws for VASPs. How this has affected the organization’s preparations for the platform launch is not yet known.
Cryptocurrency exchange Binance plans to launch a full range of services on its platform in Japan as early as August 2023. This is reported by Bloomberg, citing the words of the company’s CEO Changpeng Zhao.
Remember, in November 2022, Binance bought out local service provider Sakura Exchange BitCoin. The new platform is expected to operate under the auspices of this company.
Before that, the exchange planned to list 30 assets on the platform at once. A different start date of December 1, 2023 has been announced.
Details regarding available positions and trading conditions are expected at a later date.
At the end of May 2023, authorities in Japan significantly tightened requirements for virtual asset service providers (VASPs). The new rules are aimed at combating money laundering.
At the beginning of the year, the country simplified the listing procedure on stock exchanges. The measure was part of a strategy to stimulate the industry. For what reason the authorities later decided to tighten their policy is not yet known.
Also note that Binance and Changpeng Zhao plan to file a motion to dismiss the Commodity Futures Trading Commission’s lawsuit. But this is just one of many investigations.
The company has shed a number of top executives amid regulatory pressure. Binance is also allegedly cutting staff and stripping employees of bonuses to optimize costs.
Binance is also allegedly cutting its workforce and stripping employees of bonuses to optimize costs.