- Binance is looking to expand its offering in Japan significantly.
- The move could extend the firm’s advantage in the market.
- The firm is also exploring the idea of a yen stablecoin and collaborations with financial institutions.
While Binance faces regulatory trouble in multiple jurisdictions across the U.S. and Europe, the exchange’s fortunes appear to be changing in Japan.
Following a grand re-entry to the Asian tech hub earlier in August 2023, the firm has wasted no time expressing its intentions to extend its advantage in the market.
Binance Eyes 100 Listed Assets
Binance Japan intends to expand its list of assets supported for trading from 34 to 100 as soon as possible, according to a Wednesday, August 30, CoinPost report retweeted by Binance CEO Changpeng “CZ” Zhao.
Binance Japan General Manager Tsuyoshi Chino reportedly disclosed this plan in an online briefing on the same day. According to Chino, the firm intends to expand its list of supported assets by choosing from assets already supported for trading on the international exchange and selecting from assets developed within Japan.
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If successful, the move will nearly triple Binance Japan’s listed assets and significantly extend the exchange’s edge in the country. With 34 listed cryptocurrencies at the time of writing, the firm already supports more assets than any other exchange in Japan.
The Binance Japan executive noted that in line with this planned expansion, the firm was already consulting with market makers to secure liquidity. While Chino did not outline a timeline for the listings, he explained that it would happen gradually in line with Japan’s regulations.
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Meanwhile, according to Chino, Binance’s plans in Japan extend beyond increasing the number of its listed assets. The firm has also hinted at integrating with the traditional financial system focused on yen stablecoins.
Stablecoins and Financial Integration
With the issuance of stablecoins limited to institutions like banks and trusts in Japan, the Binance Japan General Manager reportedly expressed interest in collaborations with the necessary financial institutions to issue stablecoins for trading against cryptocurrencies and payments.
At the same time, in an interview with CoinPost, Chino also noted that Binance was also exploring new trading services, including the possibility of working with brokerage firms to roll out an exchange-traded fund.
Binance had been scrutinized by Japanese regulators in 2021 for allegedly operating without permission. The firm’s re-entry into the Japanese market was made possible by its acquisition of Sakura Exchange BitCoin (SEBC) in November 2022.
The exchange, rebranded as Binance Japan, offers spot trading, a simple earn product, and an NFT marketplace.
On the Flipside
- Despite Binance’s expansion in Japan, the firm faces regulatory trouble in the U.S. and Europe.
- Competing exchanges like Coinbase and Kraken have ceased operations in Japan, with the latter citing unspecified market conditions.
Why This Matters
Binance Japan already has a significant advantage in the Japanese market by making available more assets for trading. Plans to further expand its offerings could significantly increase this advantage.
Read this to learn more about the Japanese crypto landscape:
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