July 23, 2024
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Binance Japan Gears Up to Expand Cryptocurrency Offerings

After a hiatus due to regulatory challenges in 2018, Binance has returned to Japan triumphantly, reinforcing its position as a leading force in the cryptocurrency domain. The latest buzz is that Binance’s Japanese wing is set to amplify its crypto menu, potentially offering up to 100 digital currencies for trading.

For context, Binance, the crypto juggernaut, decided to exit Japan three years ago due to encumbering regulatory constraints. Yet, their re-emergence earlier this summer signalled a renewed commitment to the Japanese market. A recent Bloomberg report highlighted that Binance Japan is on the trajectory to enhance its crypto offerings, emphasising its commitment to the local market.

Tsuyoshi Chino, a spokesperson for the company, underscored the firm’s ambition to foster liquidity and embed superior market methodologies. This, he mentioned, would be achieved through synergistic collaborations with other Japanese crypto exchanges. Delving deeper, Chino expressed optimism regarding the local regulatory landscape. He envisions a future where Japan embraces a comprehensive, well-structured regulatory framework that bolsters the growth of the cryptocurrency sector. He stated, “The direction seems clear: a predictable regulatory environment and an ecosystem conducive for businesses.”

The genesis of Binance’s re-entrance into Japan can be traced back to its strategic acquisition of Sakura Exchange BitCoin (SEBC) in November of the previous year. The financial specifics of the deal remain undisclosed. This acquisition paved the way for Binance’s Japanese subsidiary to reintroduce its crypto services, marking its presence five years after its initial exit due to domestic regulatory disagreements.

During its initial phase post its re-entry, Binance Japan extended support for 34 digital assets. This list encapsulated significant cryptocurrencies, including but not limited to Bitcoin (BTC), Ethereum (ETH), Binance Coin (BNB), and Dogecoin (DOGE). Intriguingly, this assortment of digital currencies is the most extensive range provided by any Japanese crypto exchange, establishing Binance Japan’s dominance. Notably, in line with enhancing customer trust and security, clients were mandated to adhere to the freshly instituted Know Your Customer (KYC) protocols by mid-August.

In summary, with its plans to expand offerings and adapt to the evolving regulatory landscape, Binance Japan is poised to redefine the crypto trading experience in the Land of the Rising Sun.