Binance Plans to Expand Trading Pairs in Japan
Binance, one of the largest cryptocurrency exchanges, is aiming to triple the number of trading pairs it offers in Japan. The General Manager of Binance Japan, Takeshi Chino, announced that the exchange will soon allow trading of 100 altcoins, up from the current 34 tokens supported. In addition, Binance Japan plans to introduce futures trading and launch a Japanese yen-based stablecoin.
Key Points:
- Binance Japan will increase the number of trading pairs it offers to 100 altcoins.
- The exchange plans to introduce futures trading and a Japanese yen-based stablecoin.
- Binance acquired Sakura Exchange Bitcoin (SEBC) last year to establish a subsidiary in Japan.
- Japan has granted whitelist approval to EOS, allowing Japanese citizens to trade EOS tokens against the yen.
- Binance will delist nine cross-margin and isolated-margin trading pairs, mainly involving the stablecoin BUSD.
Binance has been expanding its presence in Japan due to the country’s favorable regulations and whitelisting processes. However, while expanding its offerings in Japan, Binance is also delisting nine trading pairs from its platform, mainly involving the BUSD stablecoin. This is because the issuer of BUSD, Paxos, stopped minting it due to regulatory challenges. Despite this setback, Binance remains focused on growing its presence in the Japanese market and catering to the needs of crypto traders in the country.
Hot Take: Binance’s move to increase trading pairs in Japan demonstrates its commitment to the Japanese market and its recognition of the growing demand for cryptocurrencies in the country. By offering more altcoins and introducing futures trading, Binance aims to attract a wider range of investors and provide them with diverse trading options. However, the delisting of certain trading pairs, particularly those involving BUSD, highlights the challenges and regulatory uncertainties that continue to shape the cryptocurrency industry.
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