coinspress.com
Binance CEO Changpeng "CZ" Zhao has announced the upcoming launch of a fully compliant crypto exchange in Japan during the WebX conference on July 25.
The move comes after Binance acquired Sakura Exchange BitCoin (SEBC) last year, aiming to re-enter the Japanese market as a regulated platform.
CZ expressed enthusiasm for Japan’s leadership in the Web3 regulatory environment, emphasizing the country’s clear crypto exchange regulations since 2017. Binance looks forward to participating in the Japanese market again through its new platform.
To comply with local regulations, Binance will create a separate platform for Japanese users, discontinuing services on the existing global platform for Japanese residents by November 30.
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Users can migrate to the new local platform through a new identity verification process starting from August 1, with full functionality available on December 1.
Amidst increased regulatory scrutiny globally, including lawsuits from the CFTC and SEC in the US, Binance has faced challenges. Nevertheless, Binance and CZ are taking steps to seek dismissal of the CFTC lawsuit.