Odaily News: CZ announced through a video conference in Tokyo on Tuesday that Binance will launch comprehensive services on its new Japanese platform in August. (Bloomberg)

Earlier, on May 8th, Binance had already initiated the plan for its Japanese subsidiary to transition to the new platform. Binance will establish a new fully regulated subsidiary in Japan.

Previously, Binance acquired regulated cryptocurrency exchange Sakura Exchange Bitcoin (SEBC) in November 2022. As part of the transition, SEBC will cease its current services before May 31st and reopen under the name Binance Japan in the coming weeks. Japanese users will need to register with the new entity. The migration will be available after August 1st, 2023, and will include a new Know Your Customer (KYC) process to comply with local requirements.