Binance Japan is set to launch fully in August, and it plans to make a strong entry into the Japanese market by initially listing 34 tokens, instantly surpassing any domestic rival in terms of token offerings. This announcement was reported by the local crypto media outlet Coinpost. Moreover, Binance will also list its native token, … Read more
Binance Japan is set to launch fully in August, and it plans to make a strong entry into the Japanese market by initially listing 34 tokens, instantly surpassing any domestic rival in terms of token offerings. This announcement was reported by the local crypto media outlet Coinpost. Moreover, Binance will also list its native token, BNB, for the first time in Japan, further expanding its services in the country.
The expansion into Japan is seen as a strategic move by Binance, given Japan’s reputation as a leader in the Web3 regulatory environment. The country has established clear regulations for crypto exchanges since 2017. It has continued to develop its regulatory framework, including the opening-up of crypto listing frameworks and the passage of stablecoin regulations in June.
In July, Changpeng Zhao, Binance’s founder and chief executive, expressed his enthusiasm for re-entering the Japanese market in a Twitter video. He praised Japan’s regulatory environment and emphasized the opportunity for Binance to participate in the market again.
Binance’s re-entry into Japan was facilitated by its acquisition of Sakura Exchange BitCoin (SEBC) in November 2022, through which the exchange gained 100% ownership and the potential to be regulated by the Japan Financial Services Agency. Following the acquisition, SEBC has rebranded itself as Binance Japan Inc., signaling its integration into the exchange’s ecosystem.
Binance in Japan
With the launch in August, new customers in Japan will have access to a range of services provided by the exchange. These services include spot trading, earning products, and the exchange’s NFT marketplace. By offering a diverse set of products, the exchange aims to attract a wide range of users in the Japanese market.
The decision to expand into Japan comes after the Japan Financial Services Agency issued warnings against Binance in 2021, citing the exchange’s operation in the country without proper registration. With the acquisition of SEBC and the establishment of Binance Japan Inc., the exchange is now compliant with Japanese regulations and ready to offer its services to Japanese customers.
The exchange’s entry into Japan is expected to intensify competition among crypto exchanges in the country. The availability of a wide variety of tokens and BNB trading will likely attract traders and investors looking for diverse investment opportunities. As the exchange establishes a strong presence in Japan, it may also pave the way for further expansion into other Asian markets.