The cryptocurrency trade war took an interesting turn recently as Binance, one of the leading global cryptocurrency exchanges, announced the launch of its Japan-based branch. This launch follows a turbulent two years, during which Binance received a caution from Japan’s financial regulatory authority. In an impressive turn of events, Binance Japan has commenced trading with 34 tokens since August 1 and plans to attract global Binance users by August 14.
Interestingly, Japan has held a significant place in the heart of Binance, even serving as its headquarter after moving operations from China. Yet, the threat from Japanese financial regulators on license issues saw Binance relocate to Malta in 2018. Adding another layer, recent correspondence from Japan’s Financial Services Agency (FSA) in June 2021 warned Binance for functioning in the nation without obtaining a license.
It’s worth noting however, that Binance’s renewed presence in Japan doesn’t simply materialise out of thin air – the acquisition of Sakura Exchange Bitcoin in November 2022 was a clear sign of Binance’s interest in re-entering the Japanese cryptocurrency market, albeit within the mandated regulatory framework. Binance’s keen interest in enhancing the development of the Japanese digital-asset market aligns well with Japanese Prime Minister Fumio Kishida’s plans to promote Web3 innovations in the country.
However, in the grand landscape of the crypto world, every move throws its shadow. While Binance is pushing forward, other exchanges such as Kraken and Coinbase have shown inclinations to retreat from Japanese soil, alluding to the market conditions.
While this recent development is a promising sign for blockchain enthusiasts and crypto aficionados, some skepticism lingers. It prompts the question: as major players in the crypto world jostle for market dominance, how will this impact the global cryptocurrency market in the long run? Will Binance successfully win over Japanese crypto users without solicitation? As always, time will prove the ultimate judge. Despite the short-term challenges, we cannot deny the potential this technology offers. After all, blockchain is not just about a transitory rise or fall in coin value, but the future of financial systems and transaction mechanisms that promise to revolutionize the way we operate.
Source: Cointelegraph
