Friday, April 19, 2024
8.3 C
London
HomeCrypto ExchangeBinance Launches in Japan with 34 Listed Tokens

Binance Launches in Japan with 34 Listed Tokens

Binance Japan, a subsidiary of the world’s largest crypto exchange by daily trading volume, is set to launch its services this month with 34 listed cryptocurrencies. Among the offered digital assets are Bitcoin, Ethereum, Bitcoin Cash, and Ripple (XRP). Additionally, Binance Coin (BNB) will be listed for the first time in Japan.

With an extensive range of supported cryptocurrencies, Binance Japan will become the country’s top exchange, surpassing major local competitors like Bitbank (30), GMO Coin (26), and Coincheck (22).

Initially, Binance’s Japanese platform will focus on spot trading and will not offer leverage trading. To provide leverage trading, the company needs to obtain a “Type 1 Financial Instruments Business” license, which comes with strict requirements.

Furthermore, Binance Japan will consider including decentralized finance (DeFi) and Web3 tokens, making it a pioneer in listing upcoming tokens not supported by other domestic exchanges. The platform will also grant access to “Simple Earn,” its crypto deposit accounts, and the Binance NFT Marketplace.

The positive development for Binance in Japan comes amid increasing regulatory challenges in other markets. In North America, Binance faced lawsuits from securities and derivatives regulators, leading to its exit from the Canadian market due to regulatory uncertainty. In Europe, the company withdrew license applications and canceled registrations in several countries, including the Netherlands, Germany, Cyprus, and the UK. Nonetheless, Binance has been expanding into new markets, recently launching a regulated exchange in Kazakhstan in June.

Despite these regulatory challenges, Binance remains committed to growth and development. The company is expected to introduce intriguing future programs in Japan, catering to the vibrant Asian nation’s growing community of crypto investors and traders, who are embracing digital technology at a rapid pace.

DISCLAIMER

As per the principles outlined by the Trust Project, Cryptozia remains dedicated to delivering impartial and transparent reporting. This news article is intended to offer precise and punctual information. Nevertheless, it is recommended that readers autonomously corroborate the facts and seek advice from a qualified expert prior to making any decisions reliant on this content.

latest articles

explore more