Binance Returns to Japan, Praises Its Web3 Regulatory Framework
The world’s largest crypto exchange, Binance, announced that it will provide full services on its new platform in Japan starting from August. Binance’s CEO, Changpeng Zhao, praised Japan’s clear approach towards the industry and recognized it as a flagship leader for Web3 regulatory environments. Binance had acquired the Japan-regulated Sakura Exchange Bitcoin (SEBC) in November 2022, allowing the company to expand its operations in the country. The exchange created a new platform for Japanese residents to comply with local regulations. Users of the global platform will be able to migrate to the new local platform through a new identity verification process. Binance’s General Manager for Japan, Takeshi Chino, mentioned the possibility of launching stablecoins in Japan as well, following the country’s stablecoin law that came into force on June 1.
Key Points:
- Binance will provide full services on its new platform in Japan starting from August.
- Japan is recognized as a flagship leader for Web3 regulatory environments.
- Binance acquired the Japan-regulated Sakura Exchange Bitcoin (SEBC) in November 2022.
- Binance created a new platform for Japanese residents to comply with local regulations.
- Users of the global platform can migrate to the new local platform through a new identity verification process.
In his address, CZ mentioned Japan’s clear regulations for crypto exchanges since 2017 and highlighted the opening up of crypto listing frameworks and the passing of stablecoin regulations. Binance has also been expanding its presence in other Asian markets, including South Korea and Thailand. During the conference, Binance’s head of regional markets, Richard Teng, expressed optimism about recent interest in crypto from traditional financial players, citing the acceptance of Blackrock’s spot bitcoin ETF application by the U.S. securities regulator.
Hot Take:
Binance’s return to Japan and its praise for the country’s Web3 regulatory framework demonstrate the importance of regulatory clarity in fostering the growth of the crypto industry. By complying with local regulations and acquiring a Japan-regulated exchange, Binance aims to build trust and expand its operations in the Japanese market. The potential launch of stablecoins in Japan further highlights the company’s commitment to providing innovative services to its users. Binance’s expansion in Asia and optimism about increased interest in crypto from traditional financial players reflect the growing acceptance and adoption of cryptocurrencies worldwide.
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