Japan's Prime Minister, Fumio Kishida, has reiterated the country's support for the Web3 industry and its potential to transform the web and society. Kishida emphasized the importance of Web3 in attracting industry players to Japan to promote collaboration and innovation across sectors. Binance, one of the world's largest cryptocurrency exchanges, has announced its upcoming launch in Japan, cementing the country's position as a thriving center for Web3 innovation. The exchange's services will be available on a new Japanese platform starting in August 2023.
In light of new regulations, SEBC exchange users must undergo updated identity verification and begin the migration process. Any remaining funds on the exchange will be automatically converted to Japanese yen and deposited into the recipient's bank account. Binance will not offer derivative services in Japan, and users have until June 9 to close existing options positions or initiate new ones. After this date, all open trades will be cancelled, and no new trades will be allowed. However, Binance intends to collaborate with regulators to provide compliant derivative services in the future.
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