Expansion into the Japanese Market
Binance, a leading cryptocurrency exchange, is positioning itself to dominate the Japanese market. Despite strict regulatory laws that led to many local startups leaving and other major firms failing to establish themselves in Japan, Binance is optimistic about its prospects in the country.
“We will further expand our services in Japan and play a leading role in the spread of cryptoassets in Japan. Please look forward to the future of Binance Japan.”
Integration Of Sakura Users Into The Binance Platform
Binance acquired the Sakura Exchange Bitcoin trading platform in November 2022 and has been integrating Sakura users into its platform. This move is crucial as Binance re-enters the Japanese market after exiting in 2018 due to strict crypto laws in Tokyo.
However, Binance announced that, starting December, it will no longer accept Japanese residents on its global site, focusing instead on Binance Japan. The goal is to list “100 tokens” on its platform.
The company is also aiming to capture the Japanese market by increasing the number of cryptocurrency pairings it offers. This ambition is noteworthy given Japan’s historically stringent token listing policy.
The regulatory landscape in Japan has shifted in recent months, with Tokyo easing its stance on regulations to foster growth in the crypto and Web3 sectors.
Crypto Exchange’s Presence In Thailand
Binance is also actively expanding outside of Japan through a joint venture called Gulf Binance with Gulf Innova, a division of Gulf Energy Development, preparing for a major presence in Thailand. The Securities and Exchange Commission (SEC) of Thailand has approved the partnership, designating Gulf Binance as a regulated digital asset operator.
Gulf’s platform will provide digital asset exchange and broker services for cryptocurrencies and digital tokens, focusing on security and SEC compliance.
Hot Take: Binance’s Strategic Moves
Binance’s strategic moves to re-enter the Japanese market and expand into Thailand demonstrate its dedication to growing its global presence and taking advantage of new opportunities in other markets, showcasing its commitment to overcoming regulatory challenges and capturing new customer bases.
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