Binance suspends services for Japanese customers
From 31 May, the services of the Binance exchange will not be available for Japanese crypto traders.
Binance is a global crypto exchange. This exchange is currently standing at the first rank in the crypto market by crypto trade volume on the platform. This exchange was also providing services to Japanese crypto investors but recently this crypto company failed to collect regulatory approval from the Japanese local regulatory bodies.
On 27 May 2023, Binance Exchange announced that its services will be shut down by 30th May for the Japanese customers.
But Binance confirmed that it will migrate the customers from its Binance.com platform to Japanese regulated crypto exchange Sakura Exchange Bitcoin (SEBC), which was acquired by Binance in November 2022.
SEBC exchange will be ready for the existing Binance.com customers by 1 August of this year and customers will be allowed via a KYC verification system. Between June to July, the Binance team will upgrade & re-innovate the SEBC platform at technical level.
The current existing customers of SEBC are also required to withdraw their crypto assets. If any customer fails to withdraw then SEBC will convert the funds into Japanese yen & transfer them to the customer’s bank account.
As per the notice, Neither SEBC nor Binance will provide crypto derivative trading services for Japanese customers, to comply with the country’s laws & rules.
BNB is a native coin on the Binance Smart Chain (BSC) network. The initial funding for this crypto project came from the Binance crypto exchange & now this project is independently working to push the innovations of crypto’s decentralisation services.
The current trade price of the BNB coin is $308.69 & this trade price is 0.5% high over the last 24 hours.