Binance Japan Unveils Trading Services to Cater to Local Residents

Cryptocurrency exchange giant Binance has made a significant move by announcing the launch of its Japan-based arm, Binance Japan, following a period of regulatory scrutiny in the country. The new venture, which comes nearly two years after Binance received a warning from Japan’s financial regulator, aims to comply with the local regulatory framework.

In a statement made on August 1, Binance revealed that the Japan-based Sakura Exchange Bitcoin has now transitioned into Binance Japan. The company is already offering spot trading for 34 tokens, with plans to facilitate the migration of its global user base beginning on August 14.

Interestingly, Japan has played a crucial role in Binance’s history. The country was home to Binance CEO Changpeng Zhao for a time, and the exchange itself was headquartered there after moving its operations from China. However, due to regulatory concerns, Binance later moved its base to Malta in 2018.

The turning point came in June 2021 when Japan’s Financial Services Agency (FSA) issued a warning letter to Binance, cautioning it against operating in the country without a proper license. At the time, Binance clarified that it did not actively solicit Japanese users and did not conduct exchange operations within the country.

To address the regulatory issues and mark its reentry into the Japanese crypto market, Binance acquired Sakura Exchange Bitcoin in November 2022. This strategic move indicated the company’s commitment to complying with the required regulatory regime and fostering the growth of the Japanese digital-asset market.

Notably, Japan’s Prime Minister Fumio Kishida has expressed support for promoting Web3 innovations in the country. Despite this positive sentiment, some other major crypto exchanges like Kraken and Coinbase have announced plans to exit the Japanese market, citing challenging market conditions as their reason for withdrawal.

For more news, find me on Twitter or subscribe to my YouTube channel.

What is your opinion on this issue? Leave me your comment below! I’m always interested in your opinion!

Leave a Reply

Your email address will not be published. Required fields are marked *

Recommended for you