Ahmed Ali Binance Japan is set to launch its new platform in August, providing users with the opportunity to trade 34 different cryptocurrencies. The list includes major cryptocurrencies such as bitcoin and ether, as well as Binance’s own token, Build and Build (BNB), making it the first time BNB will be available in Japan.
The number of listed cryptocurrencies on Binance Japan exceeds those offered by major domestic competitors, positioning it as the leading exchange in Japan in terms of supported digital coins. The initial services will focus on spot trading, with leverage trading to be considered in the future after obtaining the necessary license.
In addition to traditional cryptocurrencies, Binance Japan plans to support decentralized finance (defi) and Web3 tokens. The exchange will also consider listing tokens not currently available on other domestic exchanges and provide access to Simple Earn, its crypto deposit accounts, and the Binance NFT Marketplace.
Binance’s return to the Japanese crypto market comes after resolving regulatory concerns by acquiring Sakura Exchange Bitcoin (SEBC), a registered and regulated entity under Japan’s Financial Services Agency. This move allows Japanese users to migrate to the new Binance Japan platform with full services.
While Binance has faced regulatory challenges in other regions, its reentry into the Japanese market marks a positive development for the exchange. The company has been expanding into new markets, such as Kazakhstan, amidst regulatory uncertainties in other countries.
Now, we’d like to hear your thoughts on Binance’s reentry into the Japanese crypto market. Please share your opinions in the comments section below.
Table Of Contents
Frequently Asked Questions (FAQs) about cryptocurrencies
1. What cryptocurrencies will be available on Binance Japan’s new platform?
Binance Japan’s new platform will offer users the opportunity to trade 34 cryptocurrencies, including major coins like Bitcoin, Ethereum, and Bitcoin Cash. Additionally, Binance’s own token, Build and Build (BNB), will be listed for the first time in Japan.
2. How does Binance Japan’s cryptocurrency offerings compare to its major domestic competitors?
Binance Japan will have a competitive edge in terms of supported digital coins, as its 34 listed cryptocurrencies surpass those available on major domestic competitors such as Bitbank, GMO Coin, and Coincheck.
3. What services will Binance Japan initially provide?
At launch, Binance Japan will focus on spot trading, allowing users to buy and sell cryptocurrencies at the prevailing market prices. However, leverage trading will not be available initially, as the company requires a “Type 1 Financial Instruments Business” license, which comes with strict requirements.
4. Will Binance Japan consider adding more tokens in the future?
Yes, Binance Japan plans to consider listing tokens that are currently not supported by other domestic exchanges, including decentralized finance (defi) and Web3 tokens.
5. What was the reason behind Binance’s reentry into the Japanese crypto market?
Binance resolved regulatory concerns by acquiring Sakura Exchange Bitcoin (SEBC), a registered and regulated entity under Japan’s Financial Services Agency. This move allowed Binance to offer full services in Japan through its new platform.
6. What are some of the regulatory challenges Binance has faced in other regions?
Binance has faced regulatory pressure in other jurisdictions, resulting in legal action and withdrawal from certain markets, such as the United States, Canada, the Netherlands, Germany, Cyprus, and the U.K.
7. What additional services will Binance Japan offer?
Apart from spot trading, Binance Japan will provide access to Simple Earn, its crypto deposit accounts, and the Binance NFT Marketplace, expanding the range of services available to users.
8. When will Binance Japan’s platform officially launch?
Binance Japan’s platform is set to launch in August, offering its comprehensive range of cryptocurrency trading services to Japanese users.
More about cryptocurrencies
- Binance Japan (Official Website): [https://www.binance.co.jp/]
- Coinpost (Japanese Crypto News Outlet): [https://coinpost.jp/]
- Bitbank (Major Domestic Competitor): [https://bitbank.cc/]
- GMO Coin (Major Domestic Competitor): [https://coin.z.com/]
- Coincheck (Major Domestic Competitor): [https://coincheck.com/]
- Binance Token (BNB) Information: [https://www.binance.com/en/coin/bnb]
- Financial Services Agency (Japan): [https://www.fsa.go.jp/en/]
- Binance’s Expansion in Kazakhstan: [https://www.reuters.com/technology/binance-launches-crypto-exchange-kazakhstan-despite-regulatory-scrutiny-2023-06-22/]
