Binance, the cryptocurrency exchange giant, is making a strategic move to dominate the Japanese market by expanding its crypto pairing offerings by 13.
The company entered the Japanese market in August of this year after acquiring the Sakura Exchange Bitcoin trading platform in November 2022. Binance Japan has initiated the process of migrating Sakura users to its platform.
Notably, Binance recently announced that it would cease accepting Japanese residents on its global site starting from December.
In a press release from Binance Japan, the company stated its ambitious goal to list “100 tokens” on its platform, despite Japan’s reputation for having a stringent policy on token listings. This move signifies Binance’s commitment to establishing a strong presence in the Japanese cryptocurrency market.
The approval process for listing coins in Japan involves a self-regulating listings panel, with the regulatory Financial Services Agency having the final say on listing applications. In recent months, this process, which traditionally took between six months and a year per coin, has seen some relaxation.
Tokyo has eased its regulatory stance as the government aims to support the growth of its cryptocurrency and Web3 sectors.
Binance Japan CEO Chino Takeshi revealed that the platform now handles 47 coins. Among the newly added coins are Near Protocol (NEAR), EOS, Kakao’s KLAY coin, and Hedera Hashgraph (HBAR). All these coins have received approval from the self-regulating Japan Virtual and Cryptoassets Exchange Association (JVCEA). This signals a shift toward a more accommodating environment for crypto assets in Japan.
Japan: Can Binance Succeed Where Other Crypto Exchanges Have Failed?
Binance had to withdraw from Japan in 2018 due to the implementation of some of the most stringent crypto regulations globally. These regulations led to the exit of nearly all domestic startups from the market.
Historically, attempts by other major platforms like FTX and Coinbase to enter the Japanese market faced challenges and ultimately ended in failure.
Despite these past obstacles, Binance Japan CEO Chino Takeshi expressed optimism, stating, “We will further expand our services in Japan and play a leading role in the spread of cryptoassets in Japan. Please look forward to the future of Binance Japan.” This suggests a renewed effort and commitment by Binance to establish a significant presence in the Japanese cryptocurrency market.