Binance to launch full services in Japan from August.

Binance to launch full services in Japan from August.

Binance to Roll Out Full Services of its New Japan-based Platform

Source: AdobeStock / prima91

Binance, one of the largest cryptocurrency exchanges in the world, recently revealed its plans to roll out full services on its subsidiary platform in Japan. The confirmation came from Binance’s founder, Changpeng Zhao, during a conference in Tokyo. The platform was launched in late May 2023 and is compliant with local regulations. The full range of services will become available starting in August 2023.

Entering the Japanese market has been a strategic move for Binance. The exchange acquired Sakura Exchange BitCoin in November 2022, which provided them with a foothold in the market. Acquisitions like this have been a common practice for companies looking to expand their presence in new markets. Binance has similarly made moves to enter markets such as Thailand and South Korea, solidifying its position in Asia.

While Binance focuses on expanding in the East, it has faced regulatory scrutiny in the West. The exchange was faced with a lawsuit in the US in early June, alongside Coinbase. Additionally, countries like the Netherlands, Belgium, and Germany have imposed restrictions on Binance’s operations. In France, the local prosecutors even conducted a search of Binance’s office as part of a money laundering investigation.

To strengthen its position in Japan, Binance is considering launching a stablecoin. However, launching a stablecoin in Japan is not as straightforward as in other parts of the world. The country introduced a stablecoin law on June 1st, 2023, which restricts the issuance of stablecoins to Japan’s licensed banks, registered money transfer agents, and trust companies. Takeshi Chino, Binance’s General Manager in Japan, mentioned the possibility of launching a stablecoin during the conference.

At the conference, Richard Teng, the head of regional markets at Binance, also pointed out that traditional financial players are increasingly showing interest in cryptocurrencies. This interest from the traditional financial sector could provide additional opportunities for Binance in the Japanese market.