Binance Reenters Japanese Market with KYC Partnership
Binance, one of the largest cryptocurrency exchanges, has partnered with KYC provider, Liquid, to reenter the Japanese market. The partnership allows Binance to comply with Japan’s strict KYC regulations by using Liquid’s facial authentication tool.
Key Points:
- Liquid offers an AI-based image processing tool for identity verification.
- Biometric data gathering for KYC purposes has faced privacy concerns.
- Binance reassures that its KYC framework prioritizes safety and security.
- Binance Japan plans to launch in August with a range of services and a fully compliant Web3 ecosystem.
- Other major exchanges, like Coinbase and Kraken, have halted operations in Japan.
Hot Take: Binance’s partnership with Liquid to ensure KYC compliance in Japan demonstrates the exchange’s commitment to reentering the market while prioritizing user safety and privacy. By taking the necessary measures, Binance aims to establish a fully compliant Web3 ecosystem and provide a range of services to Japanese crypto users.
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