The Expansion of Binance Japan’s Trading Services
The Japanese subsidiary of Binance, a major cryptocurrency exchange, is set to provide trading services with more digital currencies in the near future. Binance had previously left Japan in 2018 due to regulatory issues but re-entered the market earlier this summer. Now, the company plans to increase the number of supported cryptocurrencies on its platform to 100.
Key Points:
- Binance Japan aims to secure liquidity and adopt best market practices by collaborating with other Japanese exchanges.
- The representative of Binance Japan, Tsuyoshi Chino, expressed hope that local authorities will implement comprehensive regulations to foster a thriving cryptocurrency industry.
- Binance Japan acquired Sakura Exchange BitCoin (SEBC) in November 2020 to facilitate its return to the Japanese market.
- Initially, Binance Japan supported 34 digital assets, including popular cryptocurrencies like Bitcoin, Ethereum, Binance Coin, and Dogecoin.
- Clients were required to comply with new Know Your Customer (KYC) rules by mid-August to continue using Binance Japan’s services.
Hot Take:
The expansion of Binance Japan’s trading services reflects the company’s confidence in the Japanese cryptocurrency market. By collaborating with other exchanges and advocating for clear regulations, Binance Japan aims to create an environment conducive to the growth and development of the industry in Japan.
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