Leading cryptocurrency exchange Binance is putting itself in a position to take control of the Japanese market.
In the past, the regulatory environment pulled many local startups out of the market, and other significant firms’ attempts to establish a foothold in Japan, such as FTX and Coinbase, failed.
Chino Takeshi remains optimistic about the crypto exchange’s prospects in the “Land of the Rising Sun,” stating:
“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 progressively integrating Sakura users into its platform.
Binance’s return to the Japanese market is remarkable, given the company’s exit in 2018 because of Tokyo’s strict crypto laws.
However, in a significant move, Binance recently declared that, starting December, it will cease accepting Japanese residents on its global site.
Instead, the focus will be on Binance Japan, which has set an ambitious goal of listing “100 tokens” on its platform.
The company is now attempting to capture the Japanese market by increasing the number of cryptocurrency pairings it offers by 13.
This objective is noteworthy given Japan’s historically stringent token listings policy, where coins must undergo scrutiny by a self-regulating panel, and final approval rests with the Financial Services Agency.
The regulatory landscape in Japan has witnessed a shift in recent months, with Tokyo easing its stance on regulations to foster growth in the crypto and Web3 sectors.
Binance Japan’s CEO, Chino Takeshi, revealed that the platform currently handles 47 coins.
Among the newly added tokens are Near Protocol (NEAR), EOS, Kakao’s KLAY coin, and Hedera Hashgraph (HBAR), all of which received approval from the Japan Virtual and Cryptoassets Exchange Association (JVCEA).
Crypto Exchange’s Presence In Thailand
Meanwhile, the company is also actively expanding outside of Japan. Through a joint venture called Gulf Binance with Gulf Innova, a division of Gulf Energy Development, it is 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.
The current permission gives the green light for the cryptocurrency exchange to soon open in Thailand.
With a focus on security and SEC compliance, Gulf’s platform will provide digital asset exchange and broker services for cryptocurrencies as well as digital tokens.
With this step, Binance is demonstrating its dedication to growing its presence throughout the world and taking advantage of new opportunities in other markets.
Featured image from Freepik
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