NewsletterBreaking: Binance Japan To Launch In August, Says CEO CZ
The world’s largest crypto exchange Binance to start offering full services on its new platform for users in Japan by August, CEO Changpeng “CZ” Zhao said on Tuesday. Last year, Binance acquired 100% stake in the Japanese crypto trading platform Sakura Exchange BitCoin (SEBC) to re-enter the Japanese market as a regulated crypto platform.
Binance CEO CZ Announces Full Services Crypto Exchange in Japan
During Asia’s leading Web3 conference WebX on July 25, Binance CEO “CZ” said Binance Japan will launch its full service platform in August.
“It’s fantastic to see Japan being a leader in the Web3 regulatory environment. Japan had very clear regulations from 2017 with crypto exchange regulations. Japan is a flagship leader in this area and Binance is extremely happy to be able to participate in the Japanese market again.”
In November, Binance acquired 100% of Sakura Exchange BitCoin (SEBC) to re-enter the Japanese market as a Japan Financial Services Agency (JFSA) regulated entity. In May this year, Binance revealed that it was creating a platform to fully comply with local regulations.
Earlier, Binance issued an announcement saying that Binance is creating a new platform for Japanese residents to fully comply with local regulations. Services on the existing global platform will cease to be available to residents of Japan on November 30. In addition, users can migrate to the new local platform through a new identity verification process introduced after August 1.
Binance will complete the transition to a new local platform and users can start using the new local platform on December 1. Those who don’t complete KYC will only withdraw their assets.
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Binance Faces Regulatory Pressure
Amidst the heightened regulatory scrutiny after the FTX collapse, Binance faced regulatory challenges in several countries, especially in the US. Regulators CFTC and SEC have filed lawsuits against the crypto exchange, with a DOJ lawsuit looming amid investigations.
Meanwhile, Binance and CEO CZ intend to file a motion in the court to seek dismissal of the CFTC lawsuit. Trading volume on the platform fell after the lawsuits.
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