Leading cryptocurrency exchange Binance is putting itself in a position to take control of the Japanese market.
In the past, the regulatory environment pulled many local startups out of the market, and other significant firms’ attempts to establish a foothold in Japan, such as FTX and Coinbase, failed.
Chino Takeshi remains optimistic about the crypto exchange’s prospects in the “Land of the Rising Sun,” stating:
“We will further expand our services in Japan and play a leading role in the spread of cryptoassets in Japan. Please look forward to the future of Binance Japan.”
Integration Of Sakura Users Into The Binance Platform
Binance acquired the Sakura Exchange Bitcoin trading platform in November 2022 and has been progressively integrating Sakura users into its platform.
Binance’s return to the Japanese market is remarkable, given the company’s exit in 2018 because of Tokyo’s strict crypto laws.
However, in a significant move, Binance recently declared that, starting December, it will cease accepting Japanese residents on its global site.
Instead, the focus will be on Binance Japan, which has set an ambitious goal of listing “100 tokens” on its platform.
The company is now attempting to capture the Japanese market by increasing the number of cryptocurrency pairings it offers by 13.
This objective is noteworthy given Japan’s historically stringent token listings policy, where coins must undergo scrutiny by a self-regulating panel, and final approval rests with the Financial Services Agency.
The regulatory landscape in Japan has witnessed a shift in recent months, with Tokyo easing its stance on regulations to foster growth in the crypto and Web3 sectors.
Bitcoin (BTC) is currently trading at $36.396. Chart: TradingView.com
Binance Japan’s CEO, Chino Takeshi, revealed t
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Author: Christian Encila
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