Introduction
Binance Japan, a subsidiary of Binance, is set to onboard users in Japan on its newly launched platform. This move comes after the exchange was warned by regulators two years ago for operating without permission in the country. Existing customers in Japan will have the option to migrate to the local subsidiary starting from August 14.
Key Points
- Users in Japan can access spot trading, earn products, and a non-fungible token (NFT) marketplace on the new platform.
- The platform will offer trading options for 34 tokens, including Binance Smart Chain’s native token BNB, which will be available in Japan for the first time.
- Binance acquired regulated crypto exchange Sakura Exchange BitCoin (SEBC) in November last year.
- Other major exchanges like Coinbase and Kraken have recently halted operations in Japan, citing “market conditions” as the reason.
- Japan’s policymakers have indicated at the WebX conference in Tokyo that more Web3 related policies are currently being developed.
Hot Take
Binance’s launch of its subsidiary in Japan signals its commitment to the Japanese market and its willingness to comply with regulatory requirements. With Coinbase and Kraken exiting the country, Binance has an opportunity to capture a significant market share. The inclusion of BNB, the native token of Binance Smart Chain, in the Japanese market is a notable development. As Japan’s policymakers focus on Web3 policies, the crypto landscape in the country is likely to undergo further changes, presenting both challenges and opportunities for platforms like Binance Japan.
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