Crypto exchange Binance is looking to reenter the Japanese market four years after it left, Bloomberg reported citing sources.
The exchange, which withdrew from Japan due to a lack of a permit, now seeks a license to operate in the country in light of the pro-Web3 agenda of Prime Minister Fumio Kishida. The country’s easing approach to crypto and the potential it has for user growth are major factors that have rekindled the exchange’s interest in Japan.
A Binance spokesperson told Bloomberg that the company is committed to working with authorities but that it would be inappropriate to talk about the details of its conversations with regulators.
Binance CEO Changpeng Zhao previously planned to build a base in Japan. The plan was abandoned after the firm was issued an official notice from Japanese authorities to stop operations due to the lack of a license in 2018.
Recently, Binance entered a strategic collaboration with Google Cloud via its smart contract blockchain project, BNB Chain, to support Web3 and blockchain startups.
See also: Binance’s big BUSD push heralds a stablecoin summer
Editing by Miguel Cordon and Jaclyn Tiu
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