Binance launches crypto trading platform in Japan

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Cryptocurrency exchange Binance has announced that it will launch a crypto trading platform in Japan that will be fully compliant with local regulations.

Binance also revealed that the new platform will be available this summer, with the official launch date and more details coming in the coming months. The company will also discontinue its crypto services for Japanese residents through its global platform by November 30, 2023 as part of its transition to Binance Japan. Users of this global platform will be able to migrate to the new platform after August 1, 2023. However, they will need to go through a new identity verification (KYC) process.

Binance entered the Japanese market in December 2022 by acquiring Sakura Exchange BitCoin (SEBC). SEBC is a JFSA-registered crypto exchange that also offers advisory services in addition to its brokerage service. By acquiring 100% of SEBC, Binance entered the Japanese market as an entity regulated by the Japan Financial Services Agency (JFSA). At the time, Binance expressed its intention to support a responsible global environment for cryptocurrencies by providing regulated services in Japan through SEBC.

Binance officials pointed out that when it comes to cryptocurrency adoption, the Japanese market has an important role to play, especially in the context of its highly developed tech ecosystem that prepares it for strong cryptocurrency adoption. the blockchain.

The State of Cryptocurrency and Blockchain in Japan

In September 2022, the Japanese government released a white paper that explored the potential implementation of blockchain technologies and CBDCs within the country’s existing governance frameworks. The document has since been approved and the East Asian country has been adopting cryptocurrency at a rapid pace, leading Japanese companies such as Toyota, Sony and NTT to express their willingness to adopt various offerings. decentralized.

As a member of the G7, Japan will also enforce the Financial Action Task Force Travel Rule, which requires financial institutions processing crypto transfers over $3,000 to disclose customer information to the exchange or the recipient institution.

According to sanctionscanner.com, Japan has one of the most advanced regulatory environments for cryptocurrencies, as the country recognizes Bitcoin and other virtual assets as legitimate goods under the Payment Services Law ( PSA).

Due to this legislation, cryptocurrency exchanges operating in Japan must adhere to conventional Anti-Money Laundering and Countering the Financing of Terrorism (AML/CFT) guidelines. In Japan, VASPs that offer exchange services must adhere to strict KYC (Know-Your-Customer) rules and closely monitor transactions that might be considered questionable.

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