Binance Returns to Japan: Opening of Japan-Based Branch
Binance, the major cryptocurrency exchange, has announced the opening of a Japan-based branch after approximately two years of being issued a warning by the nation’s financial regulator.
Key Points:
- Local cryptocurrency exchange Sakura Exchange Bitcoin (SEBC) has started operating as Binance Japan, in compliance with local regulations.
- Binance Japan provides spot trading for 34 tokens and plans to migrate international Binance customers on August 14.
- The exchange aims to offer a range of services, including spot trading, Earn products, and an NFT marketplace to its new consumers in Japan.
- Binance Japan intends to expand its service offerings by introducing derivatives services in compliance with local laws.
- Binance Japan will issue a separate announcement after August 14 for the migration process of current clients in Japan.
In 2018, Binance relocated its operations from China to Japan, but later moved to Malta in response to cautions from Japanese financial regulators. The company clarified that it did not hold exchange operations or actively solicit Japanese users.
In November 2022, Binance purchased Bitcoin from Sakura Exchange, indicating its intention to reenter the Japanese cryptocurrency market within the necessary regulatory framework. SEBC changed its name to Binance Japan Inc. following the acquisition.
While other cryptocurrency exchanges like Kraken and Coinbase ceased operations in Japan due to market conditions, Binance’s return to Japan aligns with the growing interest in blockchain and the government’s initiatives to encourage Web3 developments.
Hot Take:
Binance’s reentry into the Japanese market through Binance Japan demonstrates the exchange’s commitment to regulatory compliance and catering to the needs of crypto users in Japan. By expanding its service offerings and providing access to a wide range of tradable tokens, Binance aims to solidify its position as a leading cryptocurrency exchange in Japan.
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