Binance launches new platform for Japanese market

Binance CEO Changpeng Zhao / Photo credit: Binance

Binance, the world’s largest cryptocurrency exchange by trading volume, has launched a new platform for the Japanese market on August 1.

Simply dubbed Binance Japan, the platform supports 34 tokens for spot trading, which the firm said is the most offered by any digital currency exchange in the country. The list includes Binance’s own BNB token, marking its debut in Japan.

Binance’s investment product, Earn, will also be available.

New customers in the country can apply for accounts starting mid-August and begin trading on December 1 this year. Existing customers in Japan with global Binance accounts will need to migrate to the local platform by November 30.

Binance plotted its return to Japan after acquiring a 100% stake in Sakura Exchange Bitcoin, a locally registered crypto exchange. The company said it aims to bolster the Japanese digital-asset and Web3 ecosystem by offering regulated exchange services that follow local rules.

Japan had strong crypto regulations early on, and its government appears committed to push more legislation as the tech matures. At a recent Web3 conference, Prime Minister Fumio Kishida hinted that a “large Japanese company” will launch a large-scale metaverse project.

See also: Crypto regulation heat map: Where does your country rank?

Recently, Crypto.com and Japan’s Line Xenesis announced a partnership to develop crypto innovation across Asia Pacific and the global crypto industry. The collaboration will initially focus on bolstering Line Xenesis’ crypto offerings in Japan.