Binance is launching a regulated trading platform in Japan and has obtained a digital asset operator license in Thailand, which will allow it to open a crypto exchange there by the end of 2023.
Binance announced the launch of a new local, fully regulated trading platform in Japan. It’ll be based on the local cryptocurrency exchange Sakura Exchange Bitcoin (SEBC), acquired by Binance in November 2022. The Japanese platform will stop providing services until May 31 and reopen as Binance Japan in the coming weeks.
Binance will stop providing services to Japanese residents until November 30, 2023. They’ll be able to initiate their data migration to the new platform after passing an updated identity verification process (KYC), which will become available on August 1, 2023.
Binance is also expanding its presence in Thailand. Gulf Binance, a joint cryptocurrency company between Binance and Gulf Innova, received a local digital asset operator license from the Ministry of Finance. The license allowed Binance to create a fully managed crypto exchange in the country. The company plans to launch a trading platform in Thailand by Q4 2023.
Similarly, Binance launched local crypto exchanges in Singapore in 2021 and Malaysia in 2022. Binance is actively developing cryptocurrency initiatives around the world in Brazil, France, and other countries. That said, Binance is gradually losing its share in the spot market.
