Binance Japan Update: Global Platform Services Discontinued On November 30

Key Points:

• Binance creates a new platform for Japanese residents to comply with local regulations.
• Global platform services will be discontinued for Japanese residents on November 30, 2023.

Binance has created a new platform for residents in Japan to comply with local regulations fully. The new platform will be available this summer, and the launch date will be announced in the coming months. Concerning the current global platform, please note that all services will be discontinued for Japanese residents on November 30, 2023.

Users of the global platform can migrate to the new local platform through a new identity verification process (KYC), which will be available after August 1, 2023. The migration link for Japan resident users to complete identity verification (KYC) will be available from August 1 until November 30, 2023.

Japan resident users cannot open new derivative accounts on the global platform from May 26, 2023. From June 9, 2023, Japanese residents cannot increase positions or open new ones on the global platform. All pending orders will also be canceled, and existing positions must be closed before June 23, 2023.

From this date, Binance will close any remaining open positions. Any open positions relating to Leveraged Tokens and Options will be liquidated automatically, and the respective funds will be returned to your wallet. With effect from June 23, 2023, the Future’s leverage will be limited to 10X. Futures users will receive separate notifications with details of these changes.

Japan resident users who have permitted tokens can continue using the global platform until November 30, even after completing KYC. If you complete KYC for migration, you can start using the new local platform after December 1. Japan resident users who have unpermitted tokens are advised to convert them to any of the permitted tokens or withdraw them to an external wallet. All the unpermitted tokens will be automatically converted to BTC on November 30, 2023.

Margin trading services will be ceased on November 27, 2023. Open positions will be liquidated, and earned services will cease. The digital assets you used to subscribe will be returned to your spot wallet and any accrued rewards. All services except spot trading will cease from November 29, 2023.

Spot trading services will be ceased from November 30, 2023. Any open positions relating to spot trading will be canceled automatically, and Japan resident users cannot open new positions.

Unpermitted assets will be automatically converted to BTC within the same day. Migration was completed to the new local platform on December 1, 2023. Japan resident users who completed KYC for migration can start using the new local platform. Users who haven’t completed KYC will only be able to withdraw assets.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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