With 34 tokens, Binance will offer more coins than any exchange operating in Japan.
Leading cryptocurrency exchange Binance has unveiled its plan to re-enter the Japanese market. The announcement comes after Binance noted in July that it was making a comeback in Japan.
Binance pulled out of Japan in 2018 after the country’s financial regulator accused it of operating without regulatory clearance. Following failed attempts to obtain an independent license, Binance acquired the Sakura Exchange Bitcoin (SEBC) in November 2022. This allowed it to obtain the necessary license to operate in Japan.
With its launch imminent, Binance announced it will launch its Japan subsidiary with 34 tokens, including Bitcoin (BTC), Ether (ETH), Litecoin (LTC), XRP, and BNB coin. This is also the first time that Binance will be offering BNB coins in Japan.
With 34 tokens, Binance will offer more coins than any exchange operating in Japan. According to Coinpost, major domestic competitors Bitbank, GMO Coin, and Coincheck only offer 30, 26, and 22 assets respectively.
CZ Excited about Binance Japan
Binance CEO Changpeng Zhao (CZ) expressed his excitement about the re-entry into Japan, saying that it is a “strategic market” for the exchange. CZ noted that Japan has been clear on its regulations for almost a decade. Consequently, he labeled the country as “a leader in the Web3 regulatory environment”.
Indeed, Japan is one of the most advanced and regulated markets for cryptocurrencies in the world. The country has about 28 licensed crypto exchanges, according to Statista. It also recognized Bitcoin and other digital assets as a legal form of payment since 2017. Binance’s re-entry into Japan could bring more opportunities for the crypto sector in the country.
Aside from its crypto asset deposit and withdrawal services, Binance Japan will allow users to access the platform’s spot trading, crypto asset market, and NFT marketplace. The simple earn feature, automatic purchase, and API connection will also be available for use. Outside this list, Binance has stated that any other service would not be available through Binance Japan for now.
Regulatory Headwinds Threaten Binance Globally
Elsewhere, Binance continues to battle with regulators and licenses. In the US, Binance is facing accusations of mishandling customer funds and manipulating trades. In France, officials raided the exchange while in Australia, regulators are probing the company’s operations. Combined with the withdrawal of its license in several jurisdictions, Binance is clearly facing regulatory headwinds in many parts of the world. However, CZ remains convinced that this will not stop the exchange.
An experienced writer with practical experience in the fintech industry. When not writing, he spends his time reading, researching or teaching.
