Binance Japan to Launch With 34 Listed Cryptocurrencies
Binance, which is preparing to launch its new Japanese platform in August, will offer users the opportunity to trade 34 coins, local crypto media reported. Besides major cryptocurrencies such as bitcoin and ether, Binance’s own token will also be among the listed digital assets.
Binance to Restore Crypto Trading in Japan With More Coins Than Major Competitors
Binance Japan, a subsidiary of the world’s largest crypto exchange by daily trading volume, will launch with 34 listed tokens, according to the Japanese crypto news outlet Coinpost. On Aug. 1, the company shared details about the services it plans to provide later this month.
The initial offerings will include bitcoin (BTC), ether (ETH), and bitcoin cash (BCH), as well as XRP. Binance’s token Build and Build (BNB), formerly Binance Coin, will be listed for the first time in Japan, the report pointed out.
The number of promised cryptocurrencies exceeds those traded on the platform’s major domestic competitors such as Bitbank (30), GMO Coin (26), and Coincheck (22), which would make Binance Japan the country’s top exchange by supported digital coins.
Binance’s Japanese platform will start operations with spot trading and will not offer leverage trading at launch. To provide the latter, the company would need to first obtain a “Type 1 Financial Instruments Business” license which comes with strict requirements.
Decentralized finance (defi) and Web3 tokens are included as well and Binance Japan will consider listing in the future tokens that are currently not supported by other domestic exchanges. It will also provide access to Simple Earn, its crypto deposit accounts, and the Binance NFT Marketplace.
In a video address to the Webx conference in Tokyo last week, Binance founder and CEO Changpeng Zhao (CZ) said that the exchange will offer full services in Japan through a new platform after announcing earlier it was discontinuing services for Japanese customers on its global platform.
After warnings from Japanese regulators that it was operating without the necessary authorization, in November 2022, Binance acquired Sakura Exchange Bitcoin (SEBC), which is registered with and regulated by Japan’s Financial Services Agency. Japanese users will be able to migrate to the new platform operated by Binance Japan this month.
The positive development for in Japan comes amid heightened regulatory pressure on the exchange in other jurisdictions. In North America, Binance was sued by the U.S. securities and derivatives regulators and left the Canadian market due to its uncertain regulatory environment.
In Europe, Binance withdrew its license applications or canceled its registrations in several countries, including the Netherlands, Germany, Cyprus, and the U.K. Meanwhile, the company has been turning its attention to new markets. For example, it launched a regulated exchange in Kazakhstan in June.
What do you think about Binance’s reentry into the Japanese crypto market? Tell us in the comments section below.
Source: Bitcoin.com
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