The crypto exchange giant Binance is making a strategic move to expand its presence in the Japanese market by offering an increased number of crypto pairings. Since its launch in Japan in August this year, after acquiring the Sakura Exchange BitCoin trading platform in November 2022, Binance Japan has been actively migrating Sakura users to its platform.
In a recent press release, Binance Japan announced its goal of listing “100 tokens” on its platform. This is a significant ambition considering Japan’s stringent token listings policy, which requires approval from a self-regulating panel and final authorization from the Financial Services Agency. In recent months, however, Japan has started to relax its regulations to fuel its growing crypto and Web3 sectors.
Expanding Crypto Offering
Under the leadership of CEO Chino Takeshi, Binance Japan has already listed 47 coins, including the Near Protocol (NEAR) token, EOS, Kakao’s KLAY coin, and Hedera Hashgraph (HBAR). These coins have all received approval from the self-regulating Japan Virtual and Cryptoassets Exchange Association (JVCEA).
“We are determined to provide a diverse range of options for our users,” said Chino Takeshi, Binance Japan CEO. “By expanding our crypto pairing offerings, we aim to cater to the evolving needs and preferences of Japanese cryptocurrency enthusiasts.”
A Competitive Market
Binance’s reentry into the Japanese market comes after the strict crypto regulations imposed by Tokyo in 2018, which resulted in many domestic startups exiting the market. Previous attempts by other major players like FTX and Coinbase to break into the Japanese market have also faced significant challenges and limitations.
“Despite the previous setbacks, we believe that now is the opportune time for Binance to establish its presence in Japan,” explained Chino. “We are confident in our ability to navigate the regulatory landscape and provide a secure and user-friendly platform for Japanese residents.”
