Binance, a well-known cryptocurrency exchange, has announced the launch of a dedicated platform for new users in Japan. The new platform, called Binance Japan, will be accessible to existing Japanese users of the Binance global platform starting from August 14th, as stated in a press release on August 1st.
Expansion into Japanese Market
Binance entered the Japanese market by acquiring local crypto platform SAKURA Exchange Bitcoin, Inc. (SEBC) in November 2022. SEBC, now renamed as Binance Japan, is one of the largest cryptocurrency exchanges in Japan and is regulated by the country’s Financial Services Agency (FSA). The goal of Binance Japan is to establish a sustainable Web3 ecosystem in the Asian country.
List of Digital Assets
Binance Japan will offer a total of 34 digital assets on its platform. This includes popular cryptocurrencies such as Bitcoin (BTC), Ethereum (ETH), Dogecoin (DOGE), and others. Notably, Binance’s own cryptocurrency, BNB, will also be available for trading on the platform. This marks the debut of BNB in the Japanese market, despite it facing regulatory challenges in the United States, where it has been labeled as a security by the Securities and Exchange Commission (SEC).
Services Offered
The services available on the Binance Japan platform include spot trading, Earn products, and an NFT Marketplace. However, derivatives trading services will not be provided for retailers.
Boost for Binance
The launch of Binance Japan provides a significant boost for the embattled exchange, which has faced regulatory troubles in multiple jurisdictions. Japan is known for its strict crypto regulations and has played a crucial role in protecting funds of FTX Japan customers during the parent company’s bankruptcy. Binance, on the other hand, has struggled to obtain appropriate licenses in several countries, leading to its exit from places like the Netherlands, Cyprus, Germany, and the U.K. These challenges have resulted in a decline in Binance’s market dominance, with its spot market share falling from 64% to 50% earlier this year, according to blockchain analytical firm Kaiko data.
The launch of the dedicated platform by Binance Japan marks the exchange’s continued expansion into the Japanese market. With the inclusion of popular cryptocurrencies and services such as spot trading and an NFT Marketplace, Binance Japan aims to cater to the growing demand for digital assets in the country. Despite facing regulatory hurdles in other jurisdictions, the exchange’s presence in Japan is expected to bolster its standing in the global cryptocurrency market.
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