Binance Japan's Exciting Launch With 34 Cryptocurrencies!
Binance, the world's leading crypto exchange, is all set to make a grand entrance into the Japanese market this August. With an array of 34 listed cryptocurrencies, users will have access to major cryptocurrencies like Bitcoin and Ethereum, along with Binance's token, BNB, which will debut in Japan.
Binance to Restore Crypto Trading in Japan With More Tokens
The global crypto exchange Binance has announced its plans to restore crypto trading in Japan. Binance Japan, a subsidiary of the world’s largest crypto exchange by daily trading, to commence services later this month with 34 listed tokens in the country.
The initial offerings will include Bitcoin (BTC), Ethereum (ETH), Bitcoin Cash (BCH), and XRP, ensuring a diversified trading experience. Binance’s token Build and Build (BNB), formerly Binance Coin, will be listed for the first time in Japan.
The extensive range of cryptocurrencies surpasses the offerings of major domestic competitors like Bitbank, GMO Coin, and Coincheck, pushing Binance Japan to become the nation's top exchange for supported digital assets.
While spot trading will be the focus at launch, Binance Japan will not be able to offer leverage trading. The platform would have to obtain a "Type Financial Instruments Business" license for launching leverage trading.
Binance Japan has its sights set on further expansion, with potential listings of decentralized finance (defi) and Web3 tokens. This indicates a promising future for investors, as the exchange aims to support tokens not yet available on other domestic platforms. It also plans to offer access to Simple Earn and the Binance NFT Marketplace.
Binance founder and CEO Changpeng Zhao (CZ) expressed his enthusiasm in a video address at the Webx conference in Tokyo. He assured Japanese users of full services through the new platform after the discontinuation of services for Japanese customers on its global platform.
Binance Returns to the Japanese Crypto Market
The upcoming launch also marks a significant turnaround for Binance in Japan, following regulatory concerns that led to the acquisition of Sakura Exchange Bitcoin (SEBC) in November 2022. The move allowed Binance to meet Japan's regulatory requirements, providing a legitimate and compliant platform for Japanese users.
The reentry in Japan is a positive development for Binance amid intense regulatory pressure on the exchange in North America, and Europe. Binance was sued by the SEC in the US and withdrew from Canada due to a lack of regulatory clarity.
Binance also withdrew its license applications and canceled its registrations in several countries in Europe, including the Netherlands, Germany, Cyprus, and the UK. Despite challenges in other regions, Binance remains committed to exploring new markets, recently establishing a regulated exchange in Kazakhstan in June.
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