Binance, the world’s largest crypto exchange, is forging ahead with its expansion in the East, potentially launching new stablecoins in Japan in partnership with a prominent financial institution.
Binance, the global cryptocurrency exchange giant, is showing no signs of slowing down its efforts in the East, despite ongoing regulatory challenges in the Western markets. According to a report from Coinpost, Binance is contemplating the introduction of new stablecoins in Japan through a collaborative venture with a leading financial institution.
The spotlight shines on MUTB, a subsidiary of Mitsubishi UFJ Financial Group, the largest financial institution in Japan. The platform has officially announced its intentions to cooperate with Binance Japan in launching two new stablecoins in the country, with these stablecoins being pegged to the Japanese Yen and the U.S. Dollar.
Furthermore, the stablecoins are set to debut on various blockchain platforms, including Ethereum and Polygon. Notably, this initiative will leverage Mitsubishi’s Progmat Coin platform, which complies with Japanese regulatory standards.
Japan enacted stablecoin legislation in June 2022, making it one of the pioneering countries to do so, offering clarity on the definition of stablecoins as digital currencies tied to legal tender.
While Binance makes strides in Japan, it grapples with legal hurdles in the West, particularly in the United States. This shift back to Japan came after a five-year hiatus and the acquisition of Sakura Exchange BitCoin in November 2022. Binance Japan K.K. commenced operations in August of this year, offering services for 34 cryptocurrencies.
However, the situation is markedly different in the United States, where several high-level executives have departed from Binance.US. This comes in the wake of regulatory actions by the U.S. Securities and Exchange Commission (SEC), which sued Binance, BAM, and its CEO, Changpeng Zhao, for alleged securities law violations. In recent developments, Binance has moved to dismiss the lawsuit, citing insufficient evidence provided by the SEC.