- Binance has recorded some positives despite recent regulatory problems.
- The world’s largest crypto exchange is returning to Japan with an edge despite previous brushes with regulators.
- The move follows Japan’s softening stance on crypto.
Binance, the world’s largest crypto exchange, is going through one of its toughest phases amid regulatory troubles in the U.S. and Europe. But despite these troubles, things are not all bad.
On Monday, July 31, the crypto exchange announced it had become the first to obtain an operational Minimum Viable Product (MVP) License in Dubai. Following the good news in Dubai, Binance has now announced its return to one of Asia’s biggest technology hubs.
Binance Returns with an Edge
After months of anticipation, Binance has launched a local exchange in Japan, returning to the Asian economic giant two years after a brush with regulators for allegedly operating without permission.
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In a press statement shared with DailyCoin, the crypto exchange expressed that the platform dubbed Binance Japan had already started onboarding new users.
The newly launched platform will support 34 cryptocurrencies, more than any other crypto exchange in the country. The listed assets include Bitcoin, Ethereum, BNB, XRP, ADA, and SOL. It will also be the first time Binance’s BNB token will be made available for trading in Japan.
While Binance Japan customers can engage in spot trading, access earn products, and an NFT marketplace, derivatives trading is not part of the platform’s offering. “Binance Japan aims to provide derivatives services in a locally compliant manner in the future as part of our effort to enrich our service offerings in Japan,” the firm explained.
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Binance’s Japan expansion follows the firm’s acquisition of the Japanese crypto exchange Sakura Exchange BitCoin (SEBC) in November 2022. The move also comes as Japan softens its crypto stance under the crypto-friendly Prime Minister Fumio Kishida.
Japan Maintains Crypto Commitment
Under Kishida’s administration, Japan Virtual and Cryptoassets Exchange Association (JVCEA) has relaxed the process for listing crypto assets on exchanges, creating a “green list” of assets that do not have to go through the normally stringent review process.
Lawmakers have also moved to exempt crypto startups from corporate taxes on unrealized gains.
Kishida recently reiterated his belief that Web3 will bolster Japan’s economy during the WebX conference in July. The prime minister hinted at the imminent release of a large-scale metaverse project from a local company.
On the Flipside
- Competitors like Coinbase and Kraken have ceased operations in Japan in recent months.
Why This Matters
The launch of Binance Japan gives the crypto giant access to the country’s over five million crypto users. It could be a boon to the crypto exchange as the industry navigates an extended bear market.
Read this to learn more about Binance’s expansion to Dubai:
Binance Expands in Crypto-Friendly Dubai Amid Global Regulatory Scrutiny
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