Binance, the largest and most renowned cryptocurrency exchange in the world, has announced it will transition its Japan users to a new, regulated platform this summer. This change is being made to adhere to Japanese regulations.
The process began on May 26, 2023, when users were no longer able to open new derivative accounts. Options trading and Leveraged Tokens (BLVT) will also be discontinued as of June 9. All Japan-based users will be disconnected from the Binance.com platform on November 30, 2023.
The transition to the new platform requires users to complete a new KYC process, starting August 1, 2023. Upon completion, users will have access to the Binance Japan platform starting December 1. Those who do not finish the verification will only be able to make withdrawals.
In regards to unpermitted tokens, users must either convert them to supported tokens (a list of approved tokens will be provided) or withdraw them to external wallets. Binance will automatically convert all unpermitted tokens to Bitcoin (BTC) on November 30th.
The acquisition of Sakura Exchange BitCoin (SEBC), a local cryptocurrency exchange, was completed in November 2022. Binance will rebrand SEBC, regulated by the JSFA, to Binance Japan.
To make the transition smoother, Binance has provided detailed instructions to guide users through the process. With the new compliance regulations, Japan-based users will be able to use the platform with greater security and assurance.