In a significant development, Binance Japan, an offspring of the globally acknowledged Binance, is on the brink of enrolling users in Japan via its freshly introduced platform. This event comes following a two-year interval, during which regulators displayed concern over the operation of Binance in the country without the necessary permissions. From August 14, existing users within Japan’s jurisdiction will have the alternative of transitioning to the local branch.
The newly available platform is not to be perceived as limited; it boasts a wealth of features and offerings that span across spot trading, earn products, and an increasingly popular non-fungible token (NFT) marketplace. The range of digital assets to be traded has been diversified with an inclusive roster of 34 tokens, one of which is the Binance Smart Chain’s native token BNB; a token that is available for trade for the first time amidst the Land of the Rising Sun.
To facilitate this venture, Binance made a strategic move in November last year by acquiring Sakura Exchange BitCoin (SEBC), a fully regulated cryptocurrency exchange. This maneuver provided an efficient route to ensure Binance’s operation in Japan adheres to the necessary regulatory frameworks.
Relatively, it is important to note that other prominent players have recently withdrawn from the Japanese market. Coinbase (COIN) and Kraken have halted operations in Japan, attributing the move to the unfavorable “market conditions.”
Contrarily, the regulators in the Japanese market struck a more optimistic tone last week during the WebX conference held in Tokyo. Policymakers presented a roadmap signaling the introduction of more Web3 related policies. This suggests that the Japanese market is gearing up for a potentially burgeoning digital era, placing emphasis on the importance of adopting Web3 technologies and complying with digital trading platforms, like the one presented by Binance.
In conclusion, while Binance Japan’s re-entrance into the local Japanese market showcases the unrelenting power that large scale cryptocurrency platforms wield, it also cautions us about the potential regulatory hurdles these platforms could face. How Japan’s introduction of more Web3 related policies will affect existing platforms, however, remains unseen. Nevertheless, this development squarely situates the future of digital trading platforms under a spotlight, framing the necessity for concise regulatory frameworks and the indomitable impact of market conditions.
Source: Coindesk
