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 

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


© 2024 The Block. 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.

About Author

Yogita Khatri is a senior reporter at The Block, covering all things crypto. As one of the earliest team members, Yogita has played a pivotal role in breaking numerous stories, exclusives and scoops. With nearly 3,000 articles under her belt, Yogita holds the records as The Block's most-published and most-read author of all time. Prior to joining The Block, Yogita worked at crypto publication CoinDesk and The Economic Times, where she wrote on personal finance. To contact her, email: [email protected]. For her latest work, follow her on X @Yogita_Khatri5.