Binance’s Full-Scale Japanese Operation Set for August Launch – Investor Bites

SNEAK PEEK

• Binance re-enters the Japanese market as a regulated entity post-Sakura acquisition.
• The new Binance platform complies with local Japanese laws and will launch in August.
• Regulatory scrutiny intensifies on Binance following FTX collapse and potential lawsuits.

Significantly, Binance, the leading global crypto exchange, is set to roll out full services in Japan. The new platform, revealed by founder Changpeng Zhao at a Tokyo conference, will launch in August. Moreover, the announcement comes after Binance acquired Sakura Exchange BitCoin in November last year.

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— kinjo – @illshin.eth (@illshin) July 25, 2023

Notably, Binance has designed this new platform to adhere to local laws. Furthermore, this move marked Binance’s re-entry into the Japanese market. Hence, they now operate as a regulated Japan Financial Services Agency (JFSA) entity.

Additionally, Binance announced its plans to develop a fully compliant local platform in May. Consequently, they’ll end services on their existing global platform for Japanese residents by November 30.

However, the existing global platform’s services will be unavailable to Japanese residents from November 30. As an alternative, Binance is introducing a new identity verification process starting August 1. This move will allow users to shift to the new local platform seamlessly.

On December 1, the new local platform will be fully functional. This shift aims to ensure all user activities align with local regulations. Consequently, those failing to complete the Know Your Customer (KYC) process will have limited options. Their actions will be restricted to asset withdrawal only.

Contrastingly, despite being the largest digital-asset exchange globally, Binance has faced regulatory hurdles in multiple jurisdictions. The regulatory scrutiny intensified after the FTX collapse, especially in the US. 

Besides, the Commodity Futures Trading Commission (CFTC) and the Securities and Exchange Commission (SEC) have filed lawsuits against the crypto exchange. A Department of Justice (DOJ) lawsuit is potentially imminent amid ongoing investigations.

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• Source: https://investorbites.com/binances-full-scale-japanese-operation-set-for-august-launch/