Information for Japan Resident Customers of Binance.com About Transition to the New Local Platform
We are pleased to announce that we have created a new platform for residents in Japan in order to fully comply with local regulations.
With regard to the global platform you are currently using, please note the current services will be gradually discontinued by November 30, 2023 for Japan residents.
Users of the global platform will be able to migrate to the new local platform through a new identity verification process (KYC). To facilitate the process and minimize any disruption, please read the following carefully and take the appropriate actions required.
If you have any questions, please reach out to customer service via Customer Support.
Important information about Binance Japan KYC process
(1) The deadline for Binance Japan verification application
Retail customers:You have until 20 November 2023 23:59pm (GMT+9) to submit your Binance Japan verification application. Please follow the migration process shown on our website.
If we confirm in our system that you successfully passed Binance Japan verification by 12:00 AM on 26 November 2023(1), you will be migrated to Binance Japan and able to continue using services after 2 December(2), whereas if you have not successfully passed Binance Japan verification, your account will enter withdrawal only mode from 1st Dec 2023. The previous notice sent on October 27, 2023 states that if we confirm in our system that you successfully passed Binance Japan verification by 12:00 AM on 1 December 2023, you will be migrated to Binance Japan, however, as there are more complex procedures involved in discontinuation and we have to commence earlier.
(2) For users who don’t migrate to Binance Japan
Your Binance global account will enter withdrawal only mode. However, Binance Japan verification procedure will resume after December 2, 2023. If you complete Binance Japan verification procedure after that day, you will be able to migrate to Binance Japan and utilize Binance Japan services. Please note that in this case, you MUST withdraw the impermissible asset by yourself otherwise you cannot migrate.
Information on your tokens holding
To facilitate the process and minimize any disruption, please read the following carefully and take the appropriate actions required. If there are any amendments to the schedule listed here, we will inform you separately.
For users who have passed Binance Japan verification and will migrate to Binance Japan on 1 December 2023: You will lose access to the impermissible tokens upon system migration. This means that you won’t be able to withdraw, deposit, or even view these assets. Starting from 4 December 2023, impermissible tokens will be converted to BTC progressively, besides WBETH and BETH which will be converted to ETH(3). Normal transaction fees will apply. The conversion price/rate will be executed at Binance’s sole discretion. Please be aware that the price of delisted tokens and small liquidity tokens could diverge from the price available at price information distribution site or anywhere else. If you hold tokens whose value are so infinitesimal that they are rounded off to 0 according to our internal record, those assets will be treated as having 0 value upon force conversion. This process may take days to complete, and during which your impermissible tokens will be temporarily managed by Binance before the equivalent amount of BTC or ETH is distributed to you. After conversion of all impermissible assets of all migration users ends, the BTC/ETH will be distributed to your spot wallet and you can utilize them.
Binance endeavors to minimize user impact by using real-time market rate to convert your tokens to BTC/ETH. However, you may encounter losses as a result of this conversion. Especially if you hold tokens that do not have a reliable market price or robust liquidity, in which case you may encounter huge losses as a result of this conversion. We encourage you to dispose of your assets in advance to avoid such incidents.
Click here for a list of permitted tokens.
For users who have not passed Binance Japan verification: your account will enter withdrawal only mode on 1 December 2023 and you cannot utilize all services other than withdrawal of assets. Your assets will remain in your account but they will not be protected by relevant Japanese regulations. To maximize the protection of your assets and to continue using Binance Japan services, we strongly encourage you to submit your documents for Binance Japan verification application before 20 November 2023.
Important product-specific information
Trade
Margin: on 6 November 2023 borrowing will be disabled. Starting 13 November 2023, you will not be able to place new trades on Binance Margin. All open margin positions and pending orders will be closed progressively, all outstanding margin liabilities will be repaid, and any remaining assets will be transferred to your Spot Wallet(s) starting on the same date. Regular trading fees will apply for the automatic settlement. Please note that, during the automatic settlement process, you will not be able to update your positions and are therefore strongly advised to close your positions and/or transfer the assets from Margin Wallet(s) to Spot Wallet(s) before 13 November 2023.
Futures & Futures strategy trading (Grid, Time-Weighted Average Price (TWAP) and Volume Participation (VP): Starting 23 October 2023, you will not be able to increase existing or create new positions in Futures, or place any new Futures Grid, TWAP or VP orders. You will continue to be able to top-up your margin balance to prevent margin calls and liquidations, and will have until 31 October 2023 to reduce and close any existing positions, and running strategies. From 1 November 2023, Binance will take action to progressively close any remaining open positions, running orders or strategies, and all your Futures positions on your behalf at a timing of our discretion at market price. Regular trading fees will apply. Any remaining assets will subsequently be returned to your spot wallet.
Binance Launchpad & Launchpool: Starting from 1 December 2023 upon system migration, users will not be able to participate in any new Launchpad and Launchpool until further notice. Any remaining funds staked in Launchpool after 1 December 2023 will be forcibly redeemed to spot wallet progressively.
Spot & Convert: Binance will terminate Spot & Convert services for all impermissible tokens on 1 December 2023 upon system migration. All existing impermissible token open orders will be canceled progressively afterwards. Your impermissible token order may be filled before they are canceled. In such cases, your order will be treated as Binance Global services. On the other hand, your permissible token orders placed before the system migration and executed after system migration will be treated and processed under Binance Japan services.Users are strongly advised not to trade or take any actions on 1 December 2023 to avoid any potential losses. After 2 December 2023, you will be able to trade permitted tokens under Binance Japan.
Spot Trading Bot (DCA, Grid, TWAP): On 27 November 2023, you will lose access to create new orders for DCA, Grid, and TWAP, and all open orders or plans will be liquidated or canceled progressively. Your funds will be returned to your spot wallet. Starting 2 December 2023, you will be able to trade in these products again under the Terms of Services provided by Binance Japan (including Terms of Services for products) but only with permissible tokens on Binance Japan.
Spot Trading Bot (Rebalancing bot): On 27 November 2023, you will lose access to create new orders for Spot rebalancing bot, and all open orders or positions will be liquidated or canceled progressively. Your funds will be returned to your spot wallet.
OTC trading: Starting 1 December 2023 upon system migration, you will lose access to trade via OTC trading until further notice. Please refrain from placing any trade at around that time to avoid potential losses.
API Trading: Starting from 1 December 2023, you will only be able to trade permitted products and tokens with API trading.
Earn
Subscription of Earn Products:
All Earn products (including Simple Earn (Locked) & Auto-Invest that is permitted in the regulated exchange) will not be available for Subscription starting from 20 November 2023.
Subscription of Simple Earn (Locked) & Auto-Invest will be re-enabled from 2 December 2023. And all your subsequent positions will be created under the Terms of Services provided by Binance Japan.
Redemption of Non-permitted Earn Products Positions
From 20 November 2023, all outstanding Binance Loans and VIP Loan positions will be automatically liquidated. Users are advised to fully repay any outstanding loans by 20 November 2023 to avoid potential losses.
Simple Earn (Flexible), BNB Vault and DeFi Staking: the digital assets you used to subscribe will be returned to your spot wallet, together with any accrued rewards, from 24 November 2023.
ETH Staking: Please redeem your BETH and WBETH to ETH, if any, before 1 December 2023. After 1 December 2023, the BETH in your spot wallet, if any, will be automatically redeemed to ETH on a 1:1 basis, and WBETH will be automatically redeemed to ETH based on the official conversion rate of the day.
DOT Slot Auction: the DOT you used to participate in the DOT Slot Auction will be automatically returned to your spot wallet after 26 October 2023. If you have converted DOT to BDOT, you will be able to convert BDOT to DOT on a 1:1 ratio after 26 October 2023 by yourself, otherwise they will be automatically converted to DOT on a 1:1 basis from 9 November 2023. All unclaimed voting reward tokens, including the final round, will be auto-distributed to your spot wallet from 9 November 2023.
Swap Farming: Please ensure you redeem your Swap Farming rewards before the 24 November 2023, after which the rewards may not be claimable.
Liquidity Farming: From 24 November 2023, your deposits in the liquidity pools will be automatically redeemed to your spot wallet, and calculated based on the prevailing composition ratios of the pool. Please be reminded that all Liquid Swap positions are exposed to changes in composition ratios due to the nature of liquidity pools; you can find out more here
Auto-Invest Index-Linked Plan: From 24 November 2023, all user's Auto-Invest Index-Linked Plan assets will be automatically redeemed to the spot wallet.
Binance Pool: From 20 November 2023, you will no longer earn mining income from Binance Pool. Please disable your Miner Configurations immediately. The digital assets used to subscribe to Pool Savings will be redeemed and returned to your spot wallet, together with any accrued rewards. Cloud Mining orders will be refunded to your spot wallet, together with any accrued rewards.
Dual Investment: Your existing subscriptions will be automatically closed from 24 November 2023. Your initial investment in its original deposit currency will be returned to your spot wallet. Further, Binance will credit your spot wallet with the rewards (in your deposit currency) that you have accumulated up until the date of closure.
Earn Permitted Products - Simple Earn (Locked) & Auto-Invest
Simple Earn (Locked): All of your positions opened on or before 20 November 2023 will be returned to your spot wallet with any accrued rewards on or after 24 November 2023. You will be able to subscribe to new positions again starting from 2 December 2023 in permissible tokens. And all your subsequent positions will be created under the Terms of Services provided by Binance Japan.
Auto-Invest: All of your Auto-Invest plans opened on or before 20 November 2023 will be paused, removed and won’t be migrated to Binance Japan. You will be able to subscribe to new positions again starting from 2 December 2023 in permissible tokens. And all your subsequent positions will be created under the Terms of Services provided by Binance Japan.
NFT & Fantoken
NFT trading: Starting 1 December 2023 upon system migration, you will not have access to trade in NFTs denominated in impermissible tokens. All open orders involving impermissible tokens will be canceled progressively. Your impermissible token orders may be filled before they are canceled. To avoid any loss, we encourage you to refrain from trading in impermissible tokens on 1 December 2023. Trading activities involving permissible tokens will continue to be available under Binance Japan after 2 December 2023.
NFT royalties: Starting 1 December 2023 upon system migration, you will no longer be able to receive NFT royalties as a creator if you still hold a verified account. This restriction will be in place until further notice.
Fan Token: Starting 13 November 2023, Fan Token services will be suspended and all open utility orders will be progressively canceled.
Finance
Gift Card: Starting 13 November 2023, all gift card functions will be unavailable to Japan users. This includes redeeming, sending, or creating gift cards. We encourage you to send or redeem your remaining gift cards to avoid any potential losses.
Binance Pay: Starting 3 November 2023, Pay Send Cash and Crypto Box function will be unavailable. And all other Pay services will become unavailable starting 13 November 2023.
P2P: On 30 October 2023, we will begin offboarding merchants in Japan, and the process is expected to complete by 13 November 2023. On 13 November 2023, P2P services will be unavailable to users in Japan.
Crypto Deposits & Withdrawals: Starting from 1 December 2023 upon system migration, you will lose access to deposit or withdraw impermissible tokens. Deposits and withdrawals in permissible tokens will continue to operate provided that you maintain a verified account. Please refrain from any deposits and withdrawals on 1 December 2023 to avoid potential losses. If you have not successfully passed Binance Japan verification, your global account will enter withdrawal only mode.
Fiat Deposits & Withdrawals: Starting from 1 December 2023 upon system migration, you will only be able to deposit and withdraw funds using Japanese banking channels, and with only Japanese Yen. It is recommended to perform other fiat deposits, withdrawals or token conversion before 1 December 2023 to avoid potential losses.
Other services
Referral functions: From 1 November 2023, your futures referral connections will be terminated (either as referee or referrer). On 10 November 2023, all other referral connections (either as a referee or referrer) that you have established will be terminated. After a referral relationship is terminated, you will no longer receive any commission rebates that you normally would as a referrer, and your commission would not be sent to the referrers as a referee. Establishing new referral connections would also be banned after 1 November for futures, and 10 November for other referrals respectively.
DeFi Wallet: Starting from 1 November 2023, you will not be able to operate your DeFi wallet besides withdrawing the funds, and you need to initiate a chat with customer support to have your account whitelisted for withdrawal for 24 hours. On 10 November 2023, your access to DeFi Wallet will be completely suspended. All remaining funds in your DeFi wallet will be reimbursed to your spot wallet. If you hold tokens that are not supported on Binance Global, we will convert it to BTC using the market rate. Normal transaction fees may apply. Please withdraw your funds in advance to avoid losing access to them.
Ceffu: Starting from 20 November, you will not be able to bind your Binance account with Ceffu. Starting from 1 December 2023 upon system migration, you will not be able to use Ceffu services with your Binance global account. It is recommended that you handle your assets before the deadline to avoid any potential losses.
If you have any questions, please reach out to customer service via in-app Customer Support Chat.
Thank you,
Binance
※ Please select “Unresolved” > “Forward to Customer Service” to initiate a chat with Customer Support Agent.
How to Use Binance Support
You can also check further details on the verification application process from the link to FAQ here.
NOTE:
1. If you would like to check whether your KYC process has been completed, please follow the method prescribed in #4 on this page or contact customer service.
2. For those of you who have completed Binance Japan verification by the deadline, Binance will implement the migration on the system from the global platform to a new Japan platform starting 10:00 AM on 1 December 2023 throughout the day. Please refrain from trading, deposit and withdrawal or any actions on the day as the exact time for migration will differ by each customer on the day.After 2 December when the system migration is completed, you can use services as usual.
3. After 1 December 2023, the BETH in your spot wallet, if any, will be automatically redeemed to ETH on a 1:1 basis, and WBETH will be automatically redeemed to ETH based on the official conversion rate of the day.