Binance Japan Gets Ready to List 34 Cryptocurrencies

August 04, 2023

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Leading crypto asset service provider Binance is getting set to launch its office in Japan in August after several months of mulling the idea.

The anticipated crypto asset exchange platform plans to list 34 cryptocurrencies including the Binance “Build and Build (BNB)” token. Listing all of these tokens will help Binance outstrip local digital asset service providers in the region like Bitbank, GMO Coin, and Coincheck.

Binance Has Historic Regulatory Challenges in Japan

Binance’s operation in Japan has not been without some hurdles. In 2018, Japan’s financial regulator, Financial Services Agency (FSA) issued a warning to Binance over unregistered operation. Precisely, the crypto exchange allowed Japanese residents to open accounts without confirming their identities. Therefore, Binance was ordered to cease operation in the region or face criminal charges.

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This happened around the time when the country was trying to tighten standards in its digital money industry. At that time, Changpeng Zhao, the Chief Executive Officer (CEO) of the exchange announced that his lawyers had contacted the regulator and they were seeking a solution to the unpleasant ordeal as protecting user interests is top of their priority.

Binance Re-enters Japan Through Sakura Exchange

Then in 2020, the top exchange informed users in Japan that it will begin to “gradually restrict transactions” for residents. Binance gained entrance into Japan again last year through the acquisition of its local regulated digital asset service provider Sakura Exchange BitCoin (SEBC) which is regulated and licensed by the FSA.

This gave the global exchange the opportunity to operate as a Japan Financial Services Agency (JFSA) regulated entity. Also, this was Binance’s first licensed entry into East Asia.

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Binance to Operate With Full Functionality in Japan

However, Binance began to talk about expressing its full functionalities in Japan a few months ago. According to the plan, from August 1, users will be able to transfer to the new local platform via a new identity verification process. This platform was billed to be in compliance with regional regulations.

Of the 34 cryptocurrencies to be listed on the new platform, a variety of Decentralized Finance (DeFi) and Web 3.0-based blockchain-based game stocks, such as Solana (SOL), Aster Network (ASTR), Avalanche (AVAX), Jasmy (JASMY), and Axie Infinity (AXS) will be included.