Binance launches a new platform in Japan
Binance, the world’s largest crypto exchange, has launched a new platform in Japan, offering trading for an impressive selection of 34 tokens. This extensive range surpasses that of any other exchange within the country.
Notably, Binance has decided to feature its BNB token as part of the available assets on this platform, marking the token’s debut in the Japanese market. This strategic move shows a significant stride for the company as it seeks to strengthen its presence in Japan. The platform was officially launched on August 1st, with customers gaining access to it starting from August 14th. Among the offerings, users can engage in various services, including the NFT marketplace, Binance Earn, and spot trading.
In November 2022, Binance made a strategic move to tap into the Japanese market by acquiring the well-established local crypto platform, SAKURA Exchange Bitcoin, Inc. (SEBC). This acquisition, followed by renaming SEBC as Binance Japan, marked another significant step for Binance’s expansion efforts. SEBC had operated under the regulatory oversight of Japan’s Financial Services Agency (FSA), solidifying its commitment to complying with local regulations.
While the launch of Binance Japan holds promising potential for the company’s growth, it’s worth noting that Binance has encountered escalating regulatory challenges across several jurisdictions in recent times. These challenges led to the company’s exit from countries such as the Netherlands, Cyprus, and Canada. Moreover, the exchange’s dominance in the spot market has experienced a slight decline this year, transitioning from a 64% share to 50%. Despite these obstacles, Binance’s entry into the Japanese market positions it to further develop its business.
According to Binance’s CEO Changpeng Zhao, Japan stands out among the limited number of nations upholding rigorous regulations within the field of cryptocurrencies and Web3. Zhao conveyed his delight in reentering the Japanese market, highlighting the country’s adeptness in establishing a commendable regulatory framework. Binance Japan is committed to complete adherence to the stipulations set forth by the Financial Services Agency (FSA).