Binance has launched a regulated crypto exchange in Japan, offering 34 tokens and planning to migrate global users soon.
Brace yourself, Japan – Binance is now operating on your shores! The world-famous cryptocurrency exchange kicked off its operations as Binance Japan on August 1st. Starting off strong, the new arm of Binance has made spot trading for 34 different digital currencies available from day one. Following this exciting debut, Binance plans to switch global users over to its Japanese platform beginning August 14.
Binance’s Winning Strategy
What makes this launch particularly noteworthy is Binance’s previous encounters with Japan’s strict financial regulations. Two years ago, Binance received a formal warning from Japan’s Financial Services Agency (FSA). The issue? Operating within the country without an official license. Binance, however, maintained they weren’t running exchange operations or specifically targeting Japanese users.
Now, Binance is making a comeback in Japan, fully compliant with the nation’s financial laws. They’ve achieved this by acquiring Sakura Exchange Bitcoin, a recognized local cryptocurrency exchange, back in November 2022. With this strategic acquisition, Binance aims to fortify Japan’s blossoming digital-asset market, indicating a steadfast interest in blockchain technology.
Japan’s Evolving Crypto Space
The journey of Binance has been nothing short of adventurous. Japan once served as the residence of Binance CEO Changpeng Zhao and even functioned as the crypto exchange’s headquarters following the shift from China. But after a regulatory hiccup, Binance moved its base to Malta in 2018.
Japan, meanwhile, has remained supportive of crypto innovations, with Prime Minister Fumio Kishida endorsing government initiatives to advance Web3 technologies. Despite this, market conditions in Japan have prompted big players like Kraken and Coinbase to shut down their operations.
But the crypto story in Japan isn’t all about exits. Binance’s re-entry, in full compliance with local regulations, reflects the resilience and adaptability of the crypto exchange industry. With the introduction of Binance Japan, a new era of crypto trading has begun, promising an exciting future for enthusiasts and beginners alike.