Binance to Launch New Platform for Japan Residents in Summer

Susanne Barton, Bloomberg News

The Binance logo on a smartphone arranged in the Brooklyn borough of New York, US, on Tuesday, Feb. 14, 2023. The New York State Department of Financial Services said it had directed Paxos Trust Co. to stop issuing new tokens of crypto's third largest stablecoin, a Binance-branded coin known as BUSD that has roughly $16 billion in circulation. Photographer: Gabby Jones/Bloomberg , Bloomberg

(Bloomberg) -- Binance is creating a new platform for residents in Japan in order to fully comply with local regulations, the company said in a blog post.

The new platform will be available in the summer, the world’s biggest cryptocurrency exchange said, adding that the launch date and details will be disclosed in the coming months.

Services on the existing global platform will be discontinued for Japan residents on Nov. 30 and current users will be able to migrate to the new local platform through a new identity verification process that will be available after Aug. 1, according to the statement.

Last November, Binance bought Sakura Exchange BitCoin, a Japanese crypto exchange service provider. The company is seeking to re-enter a market it said would play a “key role” in the future of cryptocurrency adoption, after ditching in 2018 a plan to build a base in Japan following scrutiny from the securities regulator.

Read more: Binance Seeks Permit to Return to Japan Market After 4 Years