Binance, one of the world’s leading cryptocurrency exchanges, has announced the discontinuation of its services for residents of Japan effective November 30, 2023. In compliance with local regulations, Binance will be launching a new platform specifically for Japanese users in the summer of 2023. The company has expressed its commitment to ensuring a seamless transition for its users and complying with all applicable regulations.
Binance Japan Launches KYC Migration for Users
The migration process for Japan resident users to complete the mandatory identity verification, known as KYC (Know Your Customer), will be available from August 1 until November 30, 2023. Binance Japan has assured users that the new local platform will be operational by this summer, although the exact launch date and additional details will be communicated in the coming months.
It is important for Japan residents to note that the current services on the global platform will be discontinued after November 30, 2023. However, users will have the opportunity to migrate to the new local platform through a separate KYC process starting from August 1, 2023. Binance Japan has recommended contacting customer service via the CS chat for any inquiries or concerns.
Binance Implements Gradual Restrictions for Japan Residents on Global Platform
To ensure a smooth transition, Binance has provided a schedule of gradual restrictions on the global platform for Japan residents. Starting May 26, 2023, Japan residents will not be able to open new derivative accounts. Additionally, on June 9, 2023, certain restrictions will be imposed on options and BLVT (Binance Leveraged Tokens), including the inability to increase positions or open new positions. All pending orders will be canceled, and existing positions must be closed before June 23, 2023.
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On June 23, 2023, Binance will close any remaining open positions related to options and BLVT. The respective funds will be automatically returned to users’ wallets. Furthermore, from June 23, 2023, the leverage for Futures trading will be limited to 10X.
From August 1 until November 30, 2023, the migration link for Japan resident users to complete KYC will be available. The new local platform will offer over 30 tokens for spot trading, although the specific list of tokens is subject to change and will be shared separately once confirmed.