Binance may block Japanese users from trading on its platform

Quick Take

  • Binance.com may soon stop serving Japanese users
  • The exchange said it will implement a “gradual restriction of trading functions” for Japanese residents “at a later date”
  • The move appears to be similar to Binance’s U.S. initiative 
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Cryptocurrency exchange Binance may soon stop serving users in Japan.

According to a notice issued Wednesday, the exchange said its main platform, Binance.com, will implement a “gradual restriction of trading functions” for Japanese residents “at a later date.”

As of now, all services are available for Japanese users, but restriction details will be announced later, said Binance.

The move appears to be similar to Binance’s U.S. initiative. Last June, the exchange announced that it will stop serving U.S. customers by September, and later opened a separate exchange in the country, Binance.US.

As part of its U.S. launch, Binance partnered with little-known Californian-registered firm BAM Trading Services. It remains to be seen whether Binance launches a new exchange in Japan.

Binance's separate launch in the U.S., however, has been underwhelming so far since its launch in October. For instance, its December volume was only $134.5 million as compared to Binance's volume of $22.3 billion, i.e. 166 times less.

Source: CryptoCompare, CoinGecko and The Block


© 2022 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

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