Binance Japan Starts Onboarding Users – Binance Japan, a branch of Binance, is set to commence user registration on its recently launched platform in Japan. Two years ago, regulators warned the exchange about operating in the country without authorization. Starting from August 14, existing customers in Japan have the option to transfer to the local subsidiary.
On the newly launched platform, users will have access to spot trading, earn products, and a non-fungible token (NFT) marketplace. The selection of 34 tokens available for trading includes Binance Smart Chain’s native token BNB, which will be available in Japan for the first time.
People Also Read: SEC Asked Coinbase to Cease all Crypto Trading Except Bitcoin Before Suing
In November of last year, Binance acquired the regulated crypto exchange Sakura Exchange BitCoin (SEBC). Recently, both Coinbase (COIN) and Kraken ceased operations in the country, citing “market conditions” as the cause. During the WebX conference in Tokyo last week, Japan’s policymakers indicated that they were working on additional Web3-related policies.
During its launch, Binance will provide Japanese customers with access to services like spot trading, earn products, and an NFT marketplace. The company aims to improve and expand its service offerings in Japan, planning to offer derivatives services in compliance with local regulations in the future.
With the introduction of spot trading, Binance will initially offer 34 tokens to its Japanese customers, including BNB, marking the first time the token is available in the Japanese crypto market. The news of Binance’s plans to establish a new platform in Japan emerged in July 2023, when the company’s founder, Changpeng Zhao, discussed their future plans.
People Also Read: Binance Withdraws German Crypto License Application
Additionally, Binance representatives revealed intentions to launch stablecoins in Japan, taking advantage of new regulations that allow licensed banks, registered money transfer agents, and trust companies to issue these tokens. Bloomberg reported that Binance has been actively expanding into Asia, including South Korea and Thailand. As part of their global expansion efforts, the company also launched a regulated digital asset platform in Kazakhstan.