As of August 1st, the Japan-based cryptocurrency exchange offered spot trading for 34 tokens, and as of August 14th, it planned to move all global Binance users.
One of the top cryptocurrency exchanges in the world, Binance, has made a huge move by reentering the Japanese crypto market by establishing a branch there. On August 1st, Binance announced that the regional cryptocurrency exchange Sakura Exchange Bitcoin had changed its name to “Binance Japan.”
By taking this tactical action, the exchange is able to function inside Japan’s regulatory framework and in accordance with its financial regulations. Immediately after launching, Binance Japan provided spot trading services for 34 different tokens, with intentions to transition all of its users worldwide to the new platform on August 14th.
![Binance begins launching trading services for Japan residents image 2](https://i0.wp.com/nosisnews.com/wp-content/uploads/2023/08/image-2.png?resize=880%2C648&ssl=1)
![Binance begins launching trading services for Japan residents image 2](https://i0.wp.com/nosisnews.com/wp-content/uploads/2023/08/image-2.png?resize=880%2C648&ssl=1)
The choice to launch Binance Japan is a reflection of the exchange’s dedication to supporting the growth of the Japanese digital asset sector. Given Binance’s previous involvement in Japan, this decision is very important. After moving from China, where it was founded, the exchange briefly had its headquarters here. But in response to worries expressed about its licensing by Japanese financial regulators, it moved its headquarters to Malta in 2018.
In June 2021, the Financial Services Agency (FSA) of Japan sent Binance a letter of caution about its unauthorized operations in the nation. By purchasing Sakura Exchange Bitcoin in November 2022, Binance made clear that it intended to reenter the Japanese market with a strong regulatory foundation, building confidence among both consumers and regulators.
We’re proud to announce that #Binance has officially launched in Japan as Binance Japan K.K.
— Binance (@binance) August 1, 2023
Users in the country now have access to more tradable tokens than any other exchange, with Spot and Earn products available.
Find more details below.https://t.co/grxPYSsp84
Related: Binance to Launch in Japan as PM Kishida Reaffirms Web3 Commitment
Japanese Crypto Market and Government’s Stance
The cryptocurrency market in Japan has been active and significant, piqueing the interest of global exchanges. While several exchanges have chosen to leave the Japanese market as a result of market conditions, Binance’s strategic move demonstrates its belief in the country’s potential for cryptocurrencies and is in line with the government’s goal of fostering Web3 developments there. Fumio Kishida, the prime minister of Japan, has supported the development of blockchain technology and digital assets, promoting businesses involved in the cryptocurrency industry.
Binance Japan’s decision to embrace the regulatory framework and offer spot trading services paves the path for more efficient and legal operations within the Japanese crypto ecosystem. The launch of Binance Japan marks a significant milestone for both the exchange and the Japanese crypto industry, promising new opportunities for growth and collaboration in the evolving world of digital finance.