Asia is one of the most densely populated regions for cryptocurrency users globally. This article focuses on clarifying whether Binance can be used and how to register in three of the most strictly regulated crypto markets: Japan, South Korea, and Singapore. If you hold residency in these countries, it's recommended to visit the Binance Official Site before registering and download the Binance Official App. Apple users can refer to the iOS Installation Tutorial.
Quick Overview of Compliance in the Three Countries
| Country | Main Site Available | Local Version | Regulatory Body |
|---|---|---|---|
| 🇯🇵 Japan | ❌ | ✅ Binance Japan | FSA |
| 🇰🇷 South Korea | ❌ | ❌ (Exited) | FSC, FIU |
| 🇸🇬 Singapore | Restricted | ✅ Binance.SG | MAS |
The detailed situations for each country are explained below.
I. Japan: Must Use Binance Japan
Regulatory Background
Japan is the first country in the world to enshrine cryptocurrency into law (the revised Payment Services Act in 2017). All cryptocurrency exchanges operating in Japan must be registered with the Financial Services Agency (FSA) and are subject to dual regulation by the JFSA and the Japan Virtual and Crypto assets Exchange Association (JVCEA).
Binance was warned by the FSA in 2018 for operating without registration and was unable to operate compliantly in Japan for many years. It wasn't until November 2022, through the acquisition of a licensed local Japanese exchange, Sakura Exchange BitCoin (SEBC), that Binance indirectly gained operational qualification in Japan. Binance Japan officially launched in August 2023, opening its doors to Japanese residents.
Binance Japan vs. Binance Main Site Differences
| Feature | Binance Main Site | Binance Japan |
|---|---|---|
| Listed Coins | 600+ | 34 (FSA Whitelist) |
| Futures Trading | All Types | Not Provided |
| Fees | 0.1% | 0.10% Maker / 0.10% Taker |
| Fiat Deposit | P2P Only | Direct JPY Bank Transfer |
| KYC Language | Multi-language | Japanese Only |
The biggest limitation of Binance Japan is the lack of coins—only the 34 coins on the JFSA whitelist can be traded, missing many popular small-cap coins. However, for Japanese residents, this is the only compliant option.
How Japanese Residents Register on Binance Japan
- Visit binance.co.jp (Note that it is .co.jp, not .com)
- Register using a Japanese phone number or email.
- KYC Requires: Japanese driver's license, passport, My Number Card, or Residence Card (Zairyu Card).
- Upload Proof of Address (utility bills, certificate of residence, etc.).
- Review time is typically 2-3 business days.
- Once approved, bind a Japanese bank account (only supports local Japanese banks).
- Deposit JPY to start trading.
Foreigners living in Japan for more than 3 months can also register, provided they supply a Residence Card and proof of residence.
What to Do If You Are a Japanese Resident with an Existing Main Site Account
Binance officially provides an Account Migration Tool:
- Log in to binance.co.jp using your original account.
- Enter the "Account Migration" page.
- Agree to the migration terms.
- Supported coins like BTC, ETH, and BNB are automatically transferred to Binance Japan.
- Coins not on the whitelist will be forcefully required to be withdrawn to an external address.
The entire process is automatic and free of charge. Note that after migration, the original Binance main site account will become unusable in Japan.
II. South Korea: Binance Has Exited the Market
Regulatory Background
South Korea's cryptocurrency regulations are also highly strict:
- Must trade using real-name bank accounts (direct connection to local Korean banks).
- Exchanges must be registered with the Financial Intelligence Unit (FIU).
- Must hold an ISMS Information Security Certification.
- All transactions must be reported to tax authorities.
Current Status of Binance in South Korea
The Binance main site is not open to South Korean residents. Binance attempted to gain operational qualification in 2019-2020 by acquiring a local Korean exchange but faced high regulatory demands and difficulties in partnering with local banks, ultimately announcing its exit from the South Korean market in 2023.
For South Korean residents who previously had a Binance main site account, Binance provided a "migration tool" allowing users to transfer assets to Gopax—a local Korean exchange in which Binance holds a minority stake. Currently, there is no local Binance-branded version in South Korea.
What Can South Korean Residents Use Now?
South Korean residents can only use compliant local exchanges:
- Upbit (The largest)
- Bithumb
- Korbit
- Gopax (Invested by Binance)
These platforms use KRW (South Korean Won) deposits and require a local real-name bank account. Foreigners staying short-term in South Korea find it almost impossible to use these—opening a local bank account requires an Alien Registration Card (visas like D-2, E-class, etc.).
Can I Use Binance While Traveling in South Korea?
For short-term tourists to South Korea:
- You cannot register on local Korean exchanges.
- You cannot log in to the Binance main site using a Korean IP (will trigger risk control).
- If you already have a Binance main site account (registered in another country), short-term usage usually won't result in freezing, but it is advised to avoid large transactions.
III. Singapore: Special Case Under MAS Regulation
Regulatory Background
The Monetary Authority of Singapore (MAS) approaches cryptocurrency with an attitude of "Encouraging Innovation + Strict Compliance." All crypto exchanges must obtain a Major Payment Institution License (MPI) under the Payment Services Act (PSA) to operate.
Binance's Special History in Singapore
In September 2021, MAS placed the Binance main site on its "Investor Alert List," prohibiting Binance from marketing in Singapore. Binance consequently shut down most services for Singaporean users.
In early 2022, Binance founder CZ personally invested in a licensed local Singapore exchange, HX Pte Ltd (the operator of Binance.SG). However, Binance.SG did not secure an MPI license and ultimately closed in December 2021.
Current status for Singaporean residents:
- The Binance main site restricts Singapore IPs (some features are unavailable).
- There is no official local version of Binance.
- Singaporean users can theoretically use basic features of the Binance main site (like spot trading), but fiat deposits, promotional activities, and new features are restricted.
Available Options for Singaporean Residents Now
- Use Limited Features on the Binance Main Site: You can conduct spot trading, but you cannot deposit directly using SGD; you must use P2P or USDC channels.
- Use Compliant Local Exchanges:
- Coinhako (Holds MPI license)
- Crypto.com (Holds MPI license)
- Independent Reserve (Holds MPI license)
- DBS Digital Exchange (Under DBS Bank, for institutions only)
- Consider Relocating to a More Crypto-Friendly Jurisdiction (e.g., Dubai, UAE)
KYC Requirements for Singapore
If you are a Singapore resident attempting to register on the Binance main site:
- KYC will identify your NRIC (National Registration Identity Card) number.
- Using a Singapore phone number may result in not receiving certain verification SMS messages.
- Using a Singapore IP may restrict access to full functionalities.
It is advised that Singapore residents prioritize local compliant exchanges to avoid subsequent compliance risks.
Brief Overview of Other Asian Countries
🇭🇰 Hong Kong
Since June 2023, Hong Kong has required all retail cryptocurrency exchanges to be licensed. Binance does not currently hold a Hong Kong license, meaning Hong Kong residents theoretically cannot use the Binance main site. In practice, however, Hong Kong users can still register and use the main site, and Binance has not imposed strict restrictions on them. Policies may tighten in the future.
🇹🇼 Taiwan
Taiwan does not have a dedicated licensing system for crypto exchanges but requires them to register for Anti-Money Laundering (AML) with the Financial Supervisory Commission (FSC). Binance has completed its AML registration in Taiwan, meaning Taiwanese residents can normally use the Binance main site, including fiat P2P deposits.
🇹🇭 Thailand
The Thai SEC requires crypto exchanges to obtain a Digital Asset Business License. The Binance main site has not obtained a Thai license, but Thai users can still register and use it. Binance is preparing to launch Binance Thailand (a joint venture with Gulf Energy), which is expected to go live in the future.
🇲🇾 Malaysia
The Securities Commission Malaysia (SC) requires crypto exchanges to register under the RMO framework. Binance is not registered in Malaysia and has been repeatedly placed on the investor alert list. Malaysian users face compliance risks using the Binance main site; it is advised to use compliant local exchanges like Luno or SINEGY.
🇮🇩 Indonesia
Indonesia's CFX/Bappebti requires crypto exchanges to obtain local trading licenses. Binance has not directly entered the Indonesian market, but it entered indirectly by acquiring Tokocrypto (one of Indonesia's largest local exchanges, where Binance holds a stake). Indonesian users primarily use Tokocrypto.
General Trends Across Countries
From the three major Asian hubs and surrounding countries, several patterns emerge:
- The stricter the regulations, the more likely Binance is to launch a compliant local version (e.g., Japan, Indonesia).
- In countries where local banking partnerships are highly difficult, Binance may completely exit (e.g., South Korea).
- In countries where regulation is in a gray area, the main site remains available for basic use (e.g., Taiwan, Thailand).
- In countries with explicit warnings, using the main site carries legal risks (e.g., Singapore, Malaysia).
Users must check the latest regulatory developments in their region before using. The content on this site is for technical reference only and does not constitute any legal or compliance advice.
Frequently Asked Questions
Q: Can Japanese residents use both the Binance main site and Binance Japan simultaneously?
A: No. Binance requires Japanese residents to migrate to Binance Japan. After migration, the main site account will be closed.
Q: Can a South Korean register on Binance Japan while traveling in Japan?
A: No. Binance Japan requires Japanese residency status (Residence Card or national ID + proof of residence). Short-term tourists cannot register.
Q: Are there legal risks for Singaporean users using the Binance main site?
A: The legal risk for personal use is currently low, but the MAS warning list is public, and policies may tighten in the future. For large funds, it is recommended to prioritize local exchanges holding an MPI license.
Q: Which Asian country is the most convenient for using Binance?
A: Looking at both compliance and convenience, Japan is the most convenient (has Binance Japan and direct local bank connections) but has fewer coins. Taiwan is second (main site is available, AML registered). Hong Kong is temporarily fine, but policies may change.
Q: Can I use a US/European ID to register for an Asian version of Binance?
A: No. Every local version requires local proof of residency. Japan requires a Residence Card, South Korea requires an Alien Registration Card, and Singapore requires local proof of address.