Binance has re-entered Japan after a brief hiatus and the exchange has listed 34 cryptocurrencies for Japanese traders to invest in for the time being. The crypto exchange, based in the US, has turned its focus to Japan where the leadership has decided to take a pro-Web3 approach. Japan’s Prime Minister Fumio Kishida has been looking to churn more revenue in the nation and he has extended open invitations to crypto and Web3 players to set up shops in Japan.
“We are proud to announce the launch of Binance Japan. Previously known as Sakura Exchange BitCoin (SEBC), the licensed local cryptocurrency exchange service provider that Binance had acquired in November 2022, has undergone a business name change to become Binance Japan,” the crypto exchange announced in a formal statement on August 1.
Bitcoin, Ether, Cardano, Dogecoin, and Shiba Inu are among the 34 cryptocurrencies that have been listed by Binance in Japan for now.
With this, Binance’s native BNB token has also made a splash into the Japanese market for the first time. At the time of writing, the BNB token was trading at the price point of $245 (roughly Rs. 20,200), as per Gadgets 360’s crypto price tracker. Its total market cap currently stands at $37.7 billion (roughly Rs. 3,11,500 crore).
For the first phase of its roll out there, Binance is allowing people to deposit funds in the form of the listed cryptocurrencies or as JPY. On the other hand, withdrawals in JPY will be offered after August 20.
“By offering regulated exchange services in Japan, we’re hoping to bolster the development of the Japanese digital-asset market. The country’s drive for technological innovation and growing interest in blockchain technology make it a fantastic place to build a robust and sustainable Web3 ecosystem,” the company added in its statement.
Binance and its rival Coinbase have been facing scrutiny in the US with the Securities and Exchange Commission opening probes on their business operations.
The companies have been looking at other markets meanwhile, where the changes to boost their crypto businesses could be better.
Japan, at this point, is pitching itself as the next big hotspot to incubate Web3 projects. The country is looking to generate employment numbers to help its citizens, as well as its economy, via Web3 projects.
“Web3 is part of the new form of capitalism,” Kishida reportedly said in his keynote address for the WebX conference in Tokyo, Japan last month.
Binance withdrew its Japan operations due to lack of relevant licences in 2018. At the time, Japan’s Financial Services Agency (FSA) had insisted Binance to provide compliance proofs before resuming services in Japan.