Binance, a global cryptocurrency exchange, has revealed plans to introduce a dedicated crypto trading platform for Japanese residents in the upcoming summer.

The new exchange aims to fully adhere to the regulatory framework surrounding cryptocurrencies in Japan and will initially support a restricted selection of tokens, as confirmed by Binance.

According to the recent announcement, Binance’s global platform will cease to provide services for Japanese users on November 30. To transition to the new local platform, users will need to undergo a fresh identity verification process known as Know Your Customer (KYC), set to commence on August 1, 2023.

Following this transition, all Binance.com accounts held by Japanese residents will be restricted to withdrawal-only mode starting from December 1. Moreover, in order to comply with local regulations, the new Japan platform will not initially offer derivatives services, as clarified by Binance.

When discussing the range of crypto tokens available on the forthcoming Binance Japan platform, the company outlined its plans as follows:

Initially, Binance Japan will provide a limited selection of tokens for spot trading, and certain product offerings will be subject to restrictions to ensure compliance with local regulations. As opportunities arise, we will expand our range of products and services.

Additionally, Binance emphasized its intention to include more than 30 tokens in the initial stage, with updates and further details to be provided once additional tokens are confirmed.