Binance’s Warm Welcome in Japan
Amid global regulatory challenges, Binance, the most prominent cryptocurrency exchange globally, is gearing up for a fresh start in Japan. While other nations have approached Binance with caution, Japan has extended a more welcoming hand. The recent confirmation revealed that Binance Japan is set to kick off its operations in August.
The Journey to Binance Japan
Changpeng Zhao, commonly referred to as CZ, the visionary behind Binance, recently participated in a Tokyo conference via video. He confirmed that Binance Japan’s complete suite of services would be operational from the upcoming month.
Earlier in April, Sakura Exchange BitCoin (SEBC), which Binance had taken under its wing, expressed its goal to transition into Binance Japan. This transition was initially slated for post-June. However, it’s now known that SEBC will phase out its present services by the end of May. The rebranding endeavor will subsequently transform SEBC into Binance Japan.
Binance’s Re-entry into the Japanese Market
Remarkably, Binance has stayed away from the Japanese scene for nearly half a decade. CZ, during his Tokyo conference appearance, didn’t shy away from showing his appreciation for Japan. He was full of praise for Japan’s rich culture, friendly inhabitants, and pristine environment. Moreover, he commended Japan’s proactive approach towards the Web3 regulatory framework.
The crypto trade volume in the Japanese zone saw an impressive jump of 60% last month, compared to the onset of 2023. With Binance on the cusp of entering this booming market, experts anticipate an even more significant surge in trading volume. This move will undoubtedly solidify Japan’s standing in the crypto realm.
What’s on the Horizon for Binance Japan Users?
Existing SEBC users must register anew with Binance Japan. The switch will be possible starting August 1, 2023, accompanied by a revamped identity verification procedure in line with Japanese laws. As revealed earlier by Binance, any leftover funds on SEBC will be automatically exchanged for Japanese yen and then routed to the respective users’ bank accounts.
However, a notable exclusion from Binance Japan’s offerings is derivative services. This implies that derivative services on the global platform will be off-limits to Japanese users. Users of the global platform residing in Japan were given a deadline until June 9 for increasing or starting new options positions. Beyond this date, such moves were prohibited, with Binance emphasizing that any standing orders would face cancellation. These users were further advised to wrap up all active positions by June 23. Additionally, Binance Leveraged Tokens will remain unlisted for trade or subscription in Japan.
In closing, Binance articulated its future vision, stating, “Our journey in Japan will see further expansion of our services. Collaborating closely with local regulatory bodies, we aspire to potentially introduce derivative services in a manner that aligns with the law.”
