Javier Hernandez Binance Japan has chosen Liquid, a Tokyo-based biometrics company, as its identity verification partner to ensure that its know-your-customer (KYC) procedures are in line with Japan’s strict regulations. Binance will employ Liquid’s AI-based eKYC service for customer identity verification on its new Japanese platform.
Liquid’s eKYC service features state-of-the-art facial authentication through AI-driven image processing, facilitating seamless identity verification that aligns with legal and security standards across different countries. Specializing in biometric image and big data analysis, Liquid’s system offers a robust solution for Binance.
Takeshi Chino, Binance’s General Manager for Japan, emphasized the significance of a strong KYC framework in safeguarding the platform, its users, and the broader ecosystem from potential threats. He expressed enthusiasm about launching the Japan platform with full compliance and assured that Binance would maintain high standards of safety and adherence to regulations in the country.
Following recent regulatory pressures worldwide, including warnings from Japanese authorities, Binance acquired the Japan-registered Sakura Exchange Bitcoin (SEBC) in November 2022. In May 2023, Binance pledged full compliance with local regulations for its Japanese platform, and it announced that Japanese users of its global exchange could transition to the domestic platform after identity verification. By August 1, the Japanese subsidiary unveiled its launch with 34 listed coins.
Liquid’s CEO, Hiroki Hasegawa, emphasized the success of his company’s eKYC product in various industries, using facial recognition and ID document image recognition technologies. He expressed satisfaction in providing a service that would enable Binance to expand its user base securely and in compliance with regulations.
The article concludes with a prompt for readers to comment on whether they expect the majority of Binance’s Japanese users to transition to its new domestic platform.
Table Of Contents
Frequently Asked Questions (FAQs) about Cryptocurrency Identity Verification
What is the partnership between Binance Japan and Liquid about?
Binance Japan has partnered with Liquid, a Tokyo-based biometrics company, to implement an AI-based eKYC (electronic know-your-customer) solution for customer identity verification on its Japanese platform. This partnership aims to ensure compliance with Japan’s strict regulations.
How does Liquid’s eKYC service work?
Liquid’s eKYC service utilizes advanced facial authentication through AI-driven image processing. It enables seamless identity verification while adhering to the legal and security frameworks of different countries.
Why is Binance Japan emphasizing a strong KYC framework?
Binance Japan’s General Manager, Takeshi Chino, highlights the critical role of a robust KYC framework in protecting the platform, users, and the broader ecosystem from potential threats. This approach ensures security and compliance with regulations.
How has Binance been dealing with regulatory challenges?
Binance faced increased regulatory pressure globally, including warnings from Japanese regulators. To address this, the company acquired the Japan-registered Sakura Exchange Bitcoin (SEBC) and committed to full compliance with local regulations for its Japanese platform.
Can Japanese users of Binance’s global exchange move to the domestic platform?
Yes, Binance announced that Japanese users of its global exchange can migrate to the new domestic platform after passing identity verification. This transition allows them to continue trading securely and in compliance with regulations.
When did Binance Japan’s domestic platform launch, and how many coins are listed?
Binance Japan’s domestic platform launched on August 1 and started with 34 listed coins, providing users with a variety of options for cryptocurrency trading.
What is Liquid’s expertise in the industry?
Liquid is a Tokyo-headquartered biometrics firm specializing in image and big data analysis related to biometrics. Their eKYC product utilizes facial recognition and ID document image recognition technologies across various industries.
How does Liquid’s CEO view the partnership with Binance Japan?
Liquid’s CEO, Hiroki Hasegawa, expressed satisfaction in providing the necessary eKYC service to Binance Japan. He noted that this collaboration allows Binance to serve more users securely and in compliance with regulations.
Do experts expect a significant migration of Binance’s Japanese users?
The article prompts readers to comment on their expectations regarding the migration of Binance’s Japanese users to the new domestic platform. It does not provide specific expert opinions on this matter.
5 comments
omg, this liquid eKYC sounds crazy. like facial magic or somethin. binance gotta play it safe in japan now.
big props to binance 4 choosing liquid 4 KYC, shows they’re serious bout regulations. keep it up!
binance grabbin’ liquid’s AI KYC, keepin’ it all legit. japan’s strict, but this move’s on point.
binance’s new jap platform gonna be lit! liquid’s tech sounds solid, hope peeps switch ovr soon.
Binance dealin’ with heat worldwide, but they snagged liquid & got new jap platform rollin’. moon soon?