Binance Unveils Compliant Japan New Platform Amidst Global Expansion

Binance, the global cryptocurrency exchange, has unveiled a new platform in Japan to cater to the regulatory requirements of the country. The latest addition will be compliant with local laws and regulations which are necessary to provide a secure and trustworthy trading platform for crypto traders.

The launch of its compliant exchange in Japan demonstrates Binance’s ambition to be a leading cryptocurrency exchange in the country, following its expansion plans globally. The CEO of Binance, Changpeng Zhao, has made it clear that the platform is committed to building an internationally compliant platform, and the Japan platform marks the second jurisdictional launch.

The new platform will offer a range of cryptocurrency trading pairs and is expected to be a major boost to the Japanese cryptocurrency market as it provides legitimacy and regulated trading channels. It will provide a streamlined and secure trading experience while ensuring that all necessary regulatory measures are met.

Moreover, as Japan is one of the leading cryptocurrency markets globally, Binance’s expansion can provide access to a wider range of investors and boost the exchange's trading volume. The launch of Binance’s compliant platform in Japan could also encourage more firms to enter the market, leading to the rapid development of the ecosystem.

#BNB

#Japanese

#Japanese

#Japan  has made headlines when it comes to #Blockchain adoption due to its proactive rules and regulations. Many people believe these guidelines are quite strict for international companies. However, this narrative is quite wrong. 

#NFTStudio24  met Cofounder/CEO of Reality Plus Morten Rongaard who shared his experience in the Japanese market “I can see here the companies are very open-minded to Web3 more than I assumed.” 

During his meetings, he was impressed to see how the local companies here highly focus on working together to move forward mutually. 

https://youtu.be/WJJTIbWn20s

Web3 is a vast industry

Web3 is a vast industry that covers all aspects of blockchain technology. Rongaard calls Japan the “Master of Gamification.” He says this gamification exists not only in games but in different aspects such as products as well. 

He notices inclusivity which is a fundamental aspect of the Web3 world that drives the community. It doesn’t matter where you come from, what your race or identity is, or what color you are – everyone is welcome to participate and contribute. In fact, many Web3 companies actively strive to create a more inclusive environment, not just in terms of their workforce but also in their products and services. 

Ultimately, it is this open-minded and diverse community that drives the success of the #Web3 industry.

NFTStudio24, along with many other companies, is bringing inclusivity by overcoming the language and country barriers to bring the international market within Japan and vice versa. 

By helping local companies expand into the global market and introducing international businesses to the #Japanese  market, NFTStudio24 is playing a crucial role in the growth and development of the Web3 industry in Japan.

Compared to that, other countries have been preventing or delaying the guidelines causing many hurdles for startups, exchanges, projects, and companies. Despite the growing public interest in Web3, many governments are avoiding the topic of discussion, hindering the progress of the industry in those countries. However, Japan’s proactivity in creating a conducive environment for Web3 is setting the standard for other countries to follow.

In a groundbreaking move, Mitsubishi UFJ Trust Bank, Progmat, STANDAGE, and Ginco have joined forces to spearhead research on the practical application of a yen stablecoin for trade settlement systems. This collaborative effort aims to establish the first use case of its kind in Japan by the end of 2024, introducing a novel approach to trade settlements that leverages the power of blockchain technology.The Ambitious GoalAccording to Foresight News, the quartet of Japanese companies is embarking on a joint research initiative with the ambitious goal of showcasing the real-world application of a yen stablecoin within trade settlement systems. Their target is to demonstrate the viability of this innovative approach by the close of 2024, marking a significant milestone in the integration of blockchain technology into traditional financial processes.Key CollaboratorsMitsubishi UFJ Trust Bank, Progmat, STANDAGE, and Ginco bring a wealth of expertise to the table, combining the financial acumen of a major bank with the technological prowess of blockchain-focused firms. This collaboration underscores the industry-wide recognition of the potential benefits that stablecoins on the blockchain can offer in terms of efficiency, security, and transparency in trade settlements.The Joint ExperimentThe joint experiment will revolve around the utilization of STANDAGE's trade settlement system and a yen stablecoin on a permissionless blockchain. This setup aims to showcase the seamless transfer and payment capabilities afforded by blockchain technology, with a particular focus on enhancing the reliability of electronic bills of lading (e-B/L). In a groundbreaking move, these e-B/L will be converted into Non-Fungible Tokens (NFTs), providing a secure and transparent record on the blockchain.Blockchain's Role in Trade SettlementsThe integration of blockchain technology into trade settlement systems promises to revolutionize the way financial transactions are conducted. By leveraging a permissionless blockchain, the collaborative effort of these Japanese companies seeks to demonstrate the efficiency and security gains achievable through decentralized and transparent ledger systems. The use of a yen stablecoin further adds a layer of stability and predictability to the process, potentially streamlining international trade settlements.NFTs Enhancing ReliabilityOne of the key highlights of the joint experiment is the conversion of electronic bills of lading into NFTs. This move not only showcases the versatility of blockchain technology but also enhances the reliability of these documents. By recording e-B/L on the blockchain, the collaborative effort aims to establish an immutable and transparent record, reducing the risk of fraud and errors associated with traditional paper-based systems.Implications for the Blockchain LandscapeThe collaborative push for a yen stablecoin in trade settlements by these Japanese giants has far-reaching implications for the broader blockchain landscape. Successful implementation of this use case could pave the way for wider adoption of stablecoins in various financial transactions, fostering greater trust and efficiency in the global financial ecosystem.Attracting Attention in the Crypto CommunityThe announcement of this collaborative research initiative is sure to capture the attention of the cryptocurrency community, as it represents a significant step towards bridging traditional finance and blockchain technology. Investors, developers, and enthusiasts alike will be keenly following the progress of this project, considering its potential impact on the adoption of stablecoins and blockchain technology in mainstream financial processes.ConclusionThe collaborative efforts of Mitsubishi UFJ Trust Bank, Progmat, STANDAGE, and Ginco in researching the practical application of a yen stablecoin for trade settlements mark a pivotal moment in the intersection of traditional finance and blockchain innovation. As the quartet endeavors to showcase the capabilities of this novel approach, the entire blockchain community is watching closely, anticipating the transformative impact it could have on the future of trade settlements in Japan and beyond.#Write2Earn #Japanese #TrendingTopic

#Binance has said that the transition to the new platform is necessary to comply with Japanese regulations.

Transition to the new platform will involve users undergoing fresh KYC as from August 1, 2023.

Binanace acquired the Sakura Exchange BitCoin (SEBC) in 2022.

Binance, the world’s leading and largest cryptocurrency exchange, has announced that it will be transitioning its Japan users to a new platform beginning this summer. 

According to a notice on the exchange’s website, the new platform will comply with all #Japanese regulations.

Migration of all Japan-based users to a new regulated platform comes after the company completed the acquisition of Sakura Exchange BitCoin (SEBC), a local cryptocurrency exchange. The deal was completed in November 2022 and is part of Binance’s expansion strategy amid greater alignment with regulatory compliance. 

Binance plans to rebrand SEBC, regulated by the JSFA, to Binance Japan.

Binance to restrict services amid the transition

As part of its transition, Binance has said it will gradually restrict services on its global platform Binance.com for local users. The new restrictions began on May 26, 2023, with users no longer able to open new derivative accounts.

The exchange will also discontinue options trading and Leveraged Tokens (BLVT) as from June 9, before cutting off all Japan-based users from the Binance.com platform on November 30, 2023.

By then, users in the country will have had an opportunity to migrate to the new platform after completing a new identity verification process. According to the notice, the new know your customer (KYC) process will be available as from August 1, 2023, Binance said.

Additionally, Japan residents who complete the KYC as required and hold supported coins will have access to the new Binance Japan after December 1. Users who will not have completed the mandatory verification process will only access withdrawals.

Users with “unpermitted tokens” are asked to convert these to the supported ones (a list of permitted tokens will be shared). If not, they have to withdraw these funds to external wallets. Binance will automatically convert all unpermitted tokens to #Bitcoin (BTC) on November 30, according to the notice.