CEO Changpeng Zao (CZ) Announces Binance’s New Platform for Japanese Users
Today, CEO Changpeng Zao (CZ) made an exciting announcement regarding Binance, the world’s largest cryptocurrency exchange. Binance is set to launch its new platform exclusively for Japanese users by August. This development comes after Binance’s acquisition of 100% of the shares of Sakura Exchange BitCoin (SEBC), a Japanese cryptocurrency trading platform, to facilitate its re-entry into the Japanese market as a regulated crypto platform.
Binance Japan to Launch Full-Service Platform in August
At the prestigious Asia Web3 Conference, which took place on July 25th, Binance CEO CZ revealed that Binance Japan will officially launch its full-service platform in August. CZ commended Japan for its leadership in the Web3 regulatory environment, highlighting that the country has had clear legal frameworks for cryptocurrency exchange regulations since 2017. He expressed Binance’s delight at rejoining the Japanese market and serving its users once again.
Transition to the New Local Platform
Previously, Binance announced its plan to create a dedicated platform to cater to Japanese users and comply with local regulations. Starting from November 30th, the existing global platform’s services will no longer be accessible to users residing in Japan. Users will be required to transition to the new local platform through a new identity verification process introduced after August 1st.
The transition process will be completed on December 1st, allowing users to access and use the new platform. However, it’s important to note that users who haven’t completed the KYC (Know Your Customer) process will only be able to withdraw their assets.
Binance Faces Regulatory Scrutiny
Amidst FTX’s bankruptcy, Binance has come under increased regulatory scrutiny in various countries, notably the United States. Both the Commodity Futures Trading Commission (CFTC) and the Securities and Exchange Commission (SEC) have filed lawsuits and investigations against the crypto exchange. Additionally, the U.S. Department of Justice (DOJ) has initiated a case among the investigations.
Nevertheless, Binance and CEO CZ are actively preparing to file a motion to dismiss the CFTC case. Despite the regulatory challenges, Binance remains committed to providing quality services to its users.
Following the lawsuits, there has been a decrease in trading volume on the platform, and Binance’s native token, BNB, has experienced a significant loss in value.
Conclusion
Despite the regulatory challenges, Binance’s determination to comply with regulations and provide a user-friendly platform for Japanese users reflects its commitment to the global cryptocurrency community. As the launch of the new platform approaches, Binance anticipates better engagement with its Japanese users and aims to regain its position as a leading exchange in the Japanese market.
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