The cryptocurrency arena is set for a spectacular evolution as Binance Japan, the Japanese subsidiary of the world’s largest crypto exchange, intends to magnify its token offerings. In an ambitious move, the crypto behemoth has asserted plans to introduce a minimum of 100 tokens, catapulting the selection threefold from its present count. Tsuyoshi Chino, Binance Japan’s representative, has stressed on the robust strategy to handpick propitious cryptocurrencies from among 350 globally handled stocks and discover appealing domestic currencies.
Featuring premier currencies, such as Bitcoin, Ethereum, Binance Coin, and Cardano, among others, Binance Japan’s current repertoire of 34 listed tokens outshines all other crypto exchanges in the country. Chino, being at the helm, encourages innovative initiatives in Japan’s ever-evolving crypto landscape, emphasizing ventures that pioneer. Part of this profundity lies in the dual objective of maintaining liquidity and expanding token offerings, which Binance aims to accomplish through partnerships with market makers and other relevant entities.
The representative expressed positivity towards achieving the daring goal of listing 100 tokens swiftly through collaborative efforts with other Japanese exchanges. Additionally, he projected confidence in the local regulatory authorities to establish an encompassing and progressive framework, conducive for the cryptocurrency industry. He stated, “I feel that there is a clear intention to create a foreseeable situation with well-developed regulations and to allow business to take place in that environment.”
Binance judiciously reentered the Japanese market by launching a dedicated platform customized for local clients; marking a resurgence post a five-year hiatus owing to regulatory hurdles. This comeback ride was smoothed over by Binance’s acquisition of Sakura Exchange BitCoin in November 2022, and its subsequent rebranding as Binance Japan.
Binance’s newly launched platform has started with Spot Trading, NFT Marketplace, and Earn products, featuring the 34 tokens and has derivative services in the pipeline. To streamline transition, Binance has issued detailed email updates unveiling the steps to fulfill the new Know Your Customer (KYC) procedure.
Meanwhile, Binance has committed to bolster Japan’s Web3 initiatives, and the announcement resonates, “The launch of a new platform dedicated to Japan residents serves as a major step forward for Binance toward its mission to build a sustainable Web3 ecosystem in Japan.”
Binance’s move is undoubtedly buoyed by its strategic comeback in Japan, especially in the wake of its recent exits from the U.K. and the Netherlands and the prevailing licensing challenges in Germany. Thus, the establishment of its Japanese platform paves the way forward for the firm’s senior management.
Source: Cryptonews
