Binance, the world's largest cryptocurrency exchange, is making a comeback to the Japanese market with plans to fully launch Binance Japan in August.
Binance to List 34 Tokens in Japan
According to local crypto media outlet Coinpost, the exchange plans to initially list 34 tokens, making it the platform with the most tokens among its domestic competitors.
A key token included in the list is Binance's native token, BNB, which will be available to Japanese investors for the first time.
The move came as Binance founder and CEO Changpeng Zhao expressed his excitement at re-entering the Japanese market and highlighted Japan's leading position in the Web3 regulatory landscape.
Japan has been proactive in establishing clear regulations for cryptocurrency exchanges, including the introduction of crypto exchange regulations in 2017 and stablecoin regulations in 2022.
In November 2022, Binance took an important step towards re-entering the market by acquiring 100% ownership of Sakura Exchange BitCoin, placing it under the regulatory oversight of the Japan Financial Services Agency (JFSA).
The re-entry marks a positive development for Binance, which has previously faced warnings from the JFSA for operating in Japan in 2021 without proper registration.
With the acquisition of Sakura Exchange BitCoin, Binance has demonstrated its commitment to complying with Japanese regulatory requirements.
As of now, Binance has not provided specific details about the tokens that will be listed in Japan. However, the company's move to reopen in the Japanese market signals its recognition of the country's regulatory framework and its desire to join the growing crypto market in Japan.
It is not investment advice.