Binance Japan, set to launch its full range of services in August, has announced its plans to list a total of 34 tokens initially, making it the exchange with the most extensive offerings among domestic competitors, according to a report by local crypto media outlet Coinpost.
Among the tokens to be listed, Binance Japan also intends to include its native token, BNB, marking the first time it will be available in the Japanese market. The move comes as a result of Binance’s efforts to re-enter the Japanese crypto space.
Changpeng Zhao, the founder, and CEO of Binance expressed his enthusiasm for Japan’s regulatory environment for Web3 technologies, acknowledging the country’s clear crypto exchange regulations established in 2017. He also mentioned recent developments, such as the opening-up of crypto listing frameworks and the passage of stablecoin regulations in June this year.
Zhao highlighted that Binance’s re-entry into the Japanese market was made possible through the acquisition of 100% of Sakura Exchange BitCoin in November 2022. This acquisition allowed the exchange to operate under the regulatory oversight of the Japan Financial Services Agency (JFSA).
It is worth noting that the JFSA had previously issued warnings against Binance in 2021, accusing the exchange of operating within the country without proper registration. However, the acquisition of Sakura Exchange BitCoin paved the way for Binance to comply with regulatory requirements and re-establish its presence in Japan.
The decision to list 34 tokens from the outset indicates Binance Japan’s ambitious approach to capturing the local market. By offering an extensive array of tokens, the exchange aims to attract a diverse range of investors and traders. The inclusion of BNB in the offering could further boost interest, given its popularity and utility within the Binance ecosystem.
As the launch date approaches, the crypto community in Japan eagerly anticipates the return of Binance to their shores. The success of Binance Japan’s full services launch will be closely monitored by industry observers, and its impact on the local crypto market could have far-reaching implications.