Japanese users will migrate to Binance Japan starting in August, and the international version of Binance will be disabled in December.

Binance's compliant entity in Japan is set to officially launch by the end of this year. Binance Japan will start migrating users residing in Japan from August, and after November this year, the use of Binance International will be prohibited.

Binance Acquires Licensed Exchange in Japan, Binance Japan to Launch in November

Binance acquired Sakura Exchange last year and rebranded it as "Binance JAPAN," with the latest plan recently announced.

May 26, 2023: Japanese residents can no longer open new derivative accounts on Binance International.

June 9, 2023: Japanese residents can no longer open options positions or trade leveraged tokens.

August 1, 2023: Japanese resident users who have completed KYC verification can migrate to the new Binance Japan platform from August 1 to November 30, 2023. Over 30 types of tokens are expected to be available for spot trading on the new platform.

• Japanese resident users holding tokens approved by Japan can start using Binance Japan after completing KYC migration on December 1.
• Until November 30, users can continue to use Binance International as usual.

For Japanese resident users holding tokens not approved in Japan, they must transfer them to an external wallet. Alternatively, all tokens will automatically convert to BTC on November 30, 2023.

November 30, 2023: Japanese resident users will only be able to use spot trading, and other types of trading will not be available.

December 1, 2023: Binance Japan will officially launch, and Japanese resident users who have not completed KYC migration will only be able to withdraw their assets.

Binance Taiwan? The Japanese Path May Be the Choice

Japan introduced exchange licensing system as early as 2018, gradually improving in the following years. Requirements include asset segregation and providing only spot trading, ensuring the funds of FTX Japan. According to reports, Japan currently has 30 licensed operators.

These licensed exchanges have often changed operators over the years, with exchanges like Binance and FTX acquiring licensing qualifications through acquisitions.

Another well-known U.S. exchange, Coinbase, although having obtained a Japanese license, has yet to start services and is in a state of suspension. Coinbase announces suspension of Japan business

Operating a compliant exchange in Japan requires compliance with travel rules: From June 1, exchanges must comply with "travel rules," and non-custodial wallets also need to be investigated.

What about Taiwan? As the current regulatory authorities do not have a spot trading exchange licensing system, overseas brands do not have a substantial compliant path to enter the Taiwan market. There are only indirect cases: Is Taiwan's Rybit related to Pionex of Paiwang?

If Taiwan's regulators have a legitimate licensing system, local licensed operators, including existing mature users, should be able to bring greater diversity to the local market, similar to the case of Binance Japan.

FTX Japan Awaits Restart

On the other hand, FTX Japan has been rumored to potentially resume operations in early April, and this news has been confirmed in recent legal documents, with plans to restart after obtaining approval from Japanese regulatory authorities. Additionally, as FTX Japan holds two key licenses for operating cryptocurrency exchanges in Japan, there are still many buyers interested in acquisition.