Binance Japan: A New Contender in the Local Crypto Market
Binance Japan is gearing up for a grand entry into Japan’s thriving crypto market. In an announcement that has taken local rivals by surprise, Binance Japan plans to list 34 tokens initially, a move that will see it surpass all domestic competitors.
This news was revealed by the local crypto media outlet Coinpost and also includes plans to introduce Binance’s native token, BNB, to the Japanese audience for the very first time. This strategic move is seen as a bid to further solidify Binance’s presence in the country’s burgeoning crypto landscape.
A Strategic Acquisition and Rebranding
Binance’s foray into the Japanese market dates back to November 2022, when the crypto giant acquired the licensed local crypto exchange provider, SAKURA Exchange BitCoin, Inc. (SEBC). Post-acquisition, SEBC rebranded itself as Binance Japan Inc. and has been actively collaborating with key industry stakeholders and associations to lay the foundation for a fully compliant Web3 ecosystem in Japan.
Building a Sustainable Web3 Ecosystem
Binance Japan envisions its launch as a crucial stepping-stone towards building a sustainable Web3 ecosystem in Japan. The exchange plans to offer a wide range of services to its new customers, including spot trading, Earn products, and an NFT marketplace. Furthermore, Binance Japan is planning to introduce derivatives services in compliance with local regulations, expanding its service offerings in the Japanese market.
Transition for Existing Binance Users in Japan
For existing customers in Japan who already have global Binance accounts, the company will provide a separate notice, initiating the migration process after August 14.
Launch Timing: An Advantage for Binance Japan
The launch of Binance Japan comes at a significant time when other notable players like Coinbase and Kraken have ceased their operations in the country, citing “market conditions” as the primary reason. However, Japan’s policymakers remain committed to fostering the growth of the Web3 ecosystem. This commitment was evident in recent announcements at the WebX conference in Tokyo, opening up new opportunities for ventures like Binance Japan.