KANALCOIN NEWS – Binance said it would gradually reduce access to its global platform for users in Japan. The goal is to comply with Japanese government regulation of crypto exchanges. And instead, Binance will replace it with a special platform for users in Japan. Which will start to be used on November 30, 2023.
In its official statement, Binance said that the platform could be accessed this summer. Further details will be available in the coming months.
Binance Encourages Japanese Users to Migrate To New Platform
In order for Japanese users to easily access the platform, Binance recommends migrating to a new platform. And this migration can be done starting August 1, 2023 with the key your customer (KYC) process before migrating.
This global platform restriction from users in Japan will be carried out until December 1, 2023. If by that date the user has not completed the verification, he can only withdraw assets from this global platform.
Users can find 30 types of crypto in this new platform. However, this number is not fixed because it could change after the official release. On November 30, 2023, unsupported tokens will be automatically converted to Bitcoin tokens. Users who are going to store unsupported tokens can withdraw deposits to the self-custody platform or other platforms.
Expand Expansion to Asia
Providing a new platform for Japanese users is one way for Binance to boost its expansion into the Asian market.
As you know, on May 26 to be precise, Binance has pocketed a license as a digital asset operator in Thailand. They will engage Gulf Innova to launch the first ever compliant crypto exchange. Which will debut in the fourth quarter of this year.
As you know, on May 26 to be precise, Binance has pocketed a license as a digital asset operator in Thailand. They will engage Gulf Innova to launch the first ever compliant crypto exchange. Which will debut in the fourth quarter of this year.
Binance Challenge
Binance’s aggressiveness is by no means unhindered. It was recently discovered that this crypto exchange platform is facing regulatory issues in the United States. It is known that the United States Commodity and Futures Trading Commission (CFTC) filed a lawsuit against Binance and its CEO, Changpeng ‘CZ’ Zhao. In its lawsuit, Binance is accused of violating a number of articles in federal law.
In addition, Binance also stopped operating in the Canadian market due to unfavorable regulations. Not long after, the Australian Securities and Investments Commission (ASIC) also conducted an investigation into Binance regarding its compliance with applicable laws there.
Even though it has many challenges in several countries, Binance never seems to give up on expanding to many countries. Especially countries in Asia.
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