Binance Japan To Increase Number Of Listed Tokens To 100
Binance Japan, a prominent Japanese subsidiary of Binance Exchange, plans to increase the number of cryptocurrencies listed on its platform to 100. The exchange also aims to collaborate with local cryptocurrency exchanges to improve liquidity. Binance Japan hopes that regulatory authorities in Japan will support the growth and adoption of cryptocurrencies by creating a favorable regulatory framework. Despite facing regulatory challenges and lawsuits, Binance Japan’s expansion into the Japanese market solidifies its position as the largest crypto exchange in the world. General Manager Takeshita Chino believes that with better regulations and innovative solutions, Binance’s operations will thrive in Japan, offering a wide range of crypto products and services to local users.
Aggressively Pushing For Global Expansion
In November 2022, Binance acquired Sakura Exchange BitCoin (SEBC) to expand into the Japanese market. Despite regulatory warnings, the exchange remained unfazed and complied with regulatory conditions to offer its services in Japan. Recently, Binance announced its expansion into Latin American markets, providing its crypto-to-cash payment service to nine countries. However, the exchange is considering exiting the Russian market after launching Binance Pay in Brazil. Binance has faced regulatory hurdles and lost partnerships with payment platforms like Checkout.com. Nonetheless, it has gained licenses in crypto-friendly markets like El Salvador and plans to develop a Japanese yen-based stablecoin for Binance users in Japan.
Hot Take
Binance Japan’s plan to increase the number of listed tokens to 100 demonstrates its commitment to the Japanese market and its confidence in the future of cryptocurrencies. Despite challenges, Binance continues to aggressively expand globally, targeting markets in Latin America and exploring innovative payment technologies. However, regulatory hurdles and the need to comply with local regulations remain a significant challenge for the exchange. Binance’s ability to navigate these challenges and adapt to different markets will be crucial for its long-term success.
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