On August 1, 2023, Binance, the global cryptocurrency infrastructure provider, launched Binance Japan, a dedicated platform for Japanese residents. The subsidiary aims to offer spot trading, Earn products, and an NFT marketplace to cater to the country’s growing interest in the crypto market.
This move signifies a significant step forward in Binance’s commitment to establishing a sustainable Web3 ecosystem in Japan. In November 2022, Binance acquired Sakura Exchange BitCoin (SEBC) and subsequently rebranded it as Binance Japan K.K., paving the way for the launch.
The platform currently provides 34 token options for spot trading and offers users Earn products, such as Simple Earn and Auto-Invest. Additionally, the platform offers an NFT marketplace for those interested in non-fungible tokens.
Binance Japan is designed to adhere to local regulations, to ensure a full compliance ecosystem. The platform plans to expand its services by adding compliant derivatives options in the future. New users in Japan can immediately access the platform, while existing users registered with binance.com will receive a separate notice after August 14, 2023, to begin the migration process.
Binance’s decision to transition its Japanese users to a regulated platform stems from its acquisition of SEBC, emphasizing the company’s commitment to regulatory compliance.
The move has involved gradually restricting services on the global platform Binance.com for local Japanese. Binance said that the new KYC process required for Japanese users will be available from August 1, 2023, facilitating smooth migration to the new platform.
By November 30, 2023, all Japan-based users will be transferred to the new platform, and those who have completed the KYC process will gain access to Binance Japan. Binance also announced that there will be a customer care service added to the platform in the future to serve all users, and Japanese Yen withdrawals will start after August 20, 2023.