Binance Launches New Platform In Japan With 34 Tradeable Cryptocurrencies

In a significant development for the crypto industry, Binance, the world's leading crypto exchange by daily trading volume, is gearing up to introduce its latest platform in Japan this August. This move will see the exchange providing users the opportunity to trade an impressive selection of 34 coins, significantly more than its primary local rivals.

Binance's Japan-based platform will outshine its leading competitors such as Bitbank, GMO Coin, and Coincheck, which currently support 30, 26, and 22 digital coins, respectively. With 34 tokens ready for trading, including major cryptocurrencies such as Bitcoin (BTC), Ether (ETH), Bitcoin Cash (BCH), and XRP, Binance Japan is poised to become the country's foremost crypto exchange platform.

Of particular interest to crypto enthusiasts is the inclusion of Binance's Build and Build (BNB) token, which will be listed for the first time in Japan. This, coupled with the potential future listing of decentralized finance (defi) and Web3 tokens, places Binance Japan at the forefront of crypto innovation in the country.

However, Binances Japanese platform will initially commence operations with spot trading only. The company needs to secure a “Type 1 Financial Instruments Business” license before introducing leverage trading, a process that entails strict regulatory requirements.

Binance Japan also plans to offer its users access to Simple Earn, crypto deposit accounts, and the Binance NFT Marketplace. These features reveal Binances commitment to providing a comprehensive range of services, making crypto more accessible to the average user.

This positive step forward for Binance comes in the wake of the company discontinuing services for its Japanese customers on its global platform, following a regulatory warning for operating without the necessary authorization. In response, Binance acquired the Sakura Exchange Bitcoin (SEBC), a registered and regulated entity under Japans Financial Services Agency, in November 2022.

According to Binance founder and CEO Changpeng Zhao (CZ), the company's goal is to offer full services in Japan through this new platform. The transition for Japanese users to the new Binance-operated platform will occur this month.

While this development indicates growth for Binance in Japan, the crypto exchange continues to face increased regulatory pressure in other jurisdictions, including North America and Europe. Despi

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News 2023-07-27

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