The titan of the crypto world is making a grand re-entry into the Land of the Rising Sun. Binance CEO Changpeng “CZ” Zhao, has unveiled plans for a full-scale entry into the Japanese market, marked by the launch of a complete service platform in August.
This resounding proclamation was made by CZ himself at WebX, the heart of all things Web3 in Asia. Brimming with excitement, he announced a full-scale crypto service platform targeting the nation known for its keen adaptation of regulatory environments.
In CZ’s own words, “Japan has been a forerunner in the Web3 regulatory environment. Their robust crypto exchange regulations, in place since 2017, make them the true trendsetter in this realm. Binance is overjoyed to participate in the Japanese market once more.”
Binance made a strategic manoeuvre in November, acquiring 100% of the Japanese crypto trading platform, Sakura Exchange BitCoin (SEBC), stepping up its game as a Japan Financial Services Agency (JFSA) regulated entity. In May, Binance revealed plans for a new platform tailor-made to fully align with local regulations.
The current global platform will phase out its services for Japanese residents by November 30. Starting August 1, users can migrate to the new locally compliant platform via a fresh identity verification process. By December 1, Binance aims to transition completely to the local platform, encouraging users to complete the KYC process for full access. The platform won’t accommodate those lacking KYC validation beyond asset withdrawal.
While this expansion is promising, Binance is no stranger to regulatory pressure, particularly following the FTX collapse. The company is grappling with regulatory challenges globally, especially in the US, with lawsuits from regulators CFTC and SEC. Even so, Binance remains resilient, intending to file a court motion to dismiss the CFTC lawsuit, proving it won’t back down easily.
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