CEO Changpeng Zao (CZ) announced today that Binance, the world’s largest cryptocurrency exchange, will start offering services on its new platform for Japanese users by August. Last year, Binance acquired 100% of the shares of Sakura Exchange BitCoin (SEBC), a Japanese cryptocurrency trading platform, in order to re-enter the Japanese market as a regulated crypto platform.
Binance CEO CZ Announces at Asia Web3 Conference: Binance Japan is Going Live
During the WebX conference, one of Asia’s leading Web3 conferences, on July 25th, Binance CEO CZ announced that Binance Japan will launch its full-service platform in August.
“It’s great to see Japan leading the way in the Web3 regulatory environment. Since 2017, Japan has had clear legal frameworks for cryptocurrency exchange regulations. Japan is a flagship leader in this field, and Binance is extremely happy to be able to rejoin the Japanese market.”
Previously, Binance had announced that it had created a new platform for Japanese users to comply with local regulations. Starting from November 30th, services on the existing global platform will no longer be available to users residing in Japan. Users will be able to transition to the new local platform through a new identity verification process introduced after August 1st.
Binance will complete the transition to the new local platform, and users will be able to start using the new platform on December 1st. Those who have not completed the KYC process will only be able to withdraw their assets.
Binance Faces Increased Regulatory Scrutiny
Binance has faced increased regulatory scrutiny, particularly in the aftermath of FTX’s bankruptcy. It has encountered regulatory challenges, especially in the United States and many other countries. The Commodity Futures Trading Commission (CTFC) and the Securities and Exchange Commission (SEC) have filed lawsuits and investigations against the crypto exchange, with a U.S. Department of Justice (DOJ) case emerging among the investigations.
Meanwhile, Binance and CEO CZ are preparing to file a motion to dismiss the CTFC case. Following the lawsuits, the trading volume on the platform has decreased, and Binance’s native token BNB has experienced significant value loss.
