Binance Japan is planning to initially list 34 tokens, the most offerings among its rivals in Japan, after reopening its services in the country this month. The cryptocurrency exchange is also planning to offer its native token, BNB, for the first time in Japan.
In November last year, Binance acquired the Japanese cryptocurrency exchange Sakura Exchange BitCoin, paving the way for the exchange to re-enter Japan. This step was aimed at enabling Binance to operate legally in the country after several warnings by the Japanese regulator that the exchange was operating illegally.
Spot Trading Services
According to the Japanese media publication Coinpost, Binance will initially offer spot trading services. However, the exchange will not offer leveraged trading services, which requires a 'Type 1 Financial Instruments Business' license with more strict standards.
With 34 tokens listed for trading, Binance Japan will rank as the largest cryptocurrency exchange in Japan based on the number of listed tokens. Its rivals, Bitbank, GMO Coin, and Coincheck, offer 30, 26, and 22 tokens, respectively, according to a survey by CoinPost. Some of the tokens expected to be listed on the exchange include Solana (SOL), Avalanche (AVAX), and Axie Infinity (AXS).
Besides that, cryptocurrency users in Japan will access Binance Earn, a program that allows users to earn interest on their crypto deposits. Additionally, the exchange will reportedly offer Japanese crypto users trading services on its non-fungible token (NFT) marketplace.
Regulatory Wins for Binance Japan
The CEO of Binance, Changpeng Zhao, has praised Japan, saying the country is a leader in the regulations of Web 3. In the recent past, the largest crypto exchange by volume has faced several regulator hurdles, recently having been forced to drop its license application in Germany.
"Japan had very clear regulations from 2017 with crypto exchange regulations, and more recently this year with the opening up of crypto listing frameworks as well as the passing of the stablecoin regulations in June," Zhao said.
CZ: Japan is a flagship leader for Web3 regulatory environments.Earlier today, @cz_binance virtually addressed the WebX conference in Japan, recognizing the country's clear approach towards the industry. pic.twitter.com/TeLRUaH5Hy
— Binance (@binance) July 25, 2023
Finance Magnates reported a week ago that Binance Japan was planning to introduce stablecoins after the country passed a bill that recognizes the digital assets. The new law allows licensed banks, registered money transfer agencies, and trust companies to issue stablecoins.
This article was written by Jared Kirui at www.financemagnates.com.
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