- Binance ready to phase out Japan residents from trading services in near future.
- Further confirmation on details on the operations is set to be released at a later date.
- Could regulation strictness be the case, similar to Binance’s troubles in the US?
In an announcement released on Thursday, January 16, 2020, on Binance blog, the world’s largest exchange will stop serving Japanese customers in the near future. The statement started out by thanking the support of their customers over the years since launch in 2017. The statement further read,
“Binance.com will be phasing out the provision of services to residents of Japan.”
The statement however confirmed that trading on the platform will continue as usual for Japan based customers. However, in the future the exchange will start slowly restricting Japan residents from trading on the platform with the official announcement expected to be released “shortly”.
The announcement will come as a blow to crypto investors in Japan as one of crypto’s largest exchanges closes its doors on the residents. Regulation has been one of the toughest barriers to entry for cryptocurrency companies in Japan and the latest closure may yet be a case of regulation uncertainty.
While all seems lost could there be a possibility of a “Binance US” situation unfolding in the country?
Binance Japan on the way?
The closure of trading services on Binance Global for US residents was indeed a big blow to the crypto industry in the biggest economy in the world. Every cloud has a silver lining though; Binance US, a regulated cryptocurrency platform sprouted to cater for US customers. Could such an effect take root in Japan?
While no official communication has been offered yet, the possibility of a highly regulated KYC compliant Binance Japan may be on the way.
As at publishing, no response to our questions has been received yet from Binance. We will follow up the story as it develops.