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Binance Set to Initially Introduce 34 Tokens in Japan as It Re-establishes Its Presence in the Market
Binance Japan, scheduled to unveil its complete suite of services in August, has revealed its intention to initially list a total of 34 tokens, positioning itself as the exchange with the most comprehensive offerings among local competitors, as reported by the regional crypto media outlet Coinpost.
Included in the tokens to be listed, Binance Japan plans to feature its native token, BNB, which will be available in the Japanese market for the first time. This initiative is part of Binance’s strategy to re-enter the Japanese cryptocurrency sector.
Changpeng Zhao, the founder and CEO of Binance, conveyed his excitement regarding Japan’s regulatory framework for Web3 technologies, recognizing the country’s established crypto exchange regulations from 2017. He also noted recent advancements, such as the liberalization of crypto listing frameworks and the enactment of stablecoin regulations in June of this year.
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Zhao emphasized that Binance’s return to the Japanese market was facilitated by the acquisition of 100% of Sakura Exchange BitCoin in November 2022. This acquisition enabled the exchange to function under the regulatory supervision of the Japan Financial Services Agency (JFSA).
It is important to mention that the JFSA had previously issued warnings to Binance in 2021, alleging that the exchange was operating in the country without appropriate registration. However, the acquisition of Sakura Exchange BitCoin allowed Binance to meet regulatory standards and re-establish its foothold in Japan.
The choice to list 34 tokens from the beginning reflects Binance Japan’s ambitious strategy to capture the local market. By providing a wide selection of tokens, the exchange seeks to draw in a varied group of investors and traders. The inclusion of BNB in the offerings could further enhance interest, given its popularity and functionality within the Binance ecosystem.
As the launch date nears, the crypto community in Japan is keenly awaiting Binance’s return. The success of Binance Japan’s full service launch will be closely observed by industry analysts, and its influence on the local crypto market could have significant repercussions.
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