August 2023 comes with renewed hope for crypto enthusiasts in Japan. Pioneering crypto exchange, Binance spearheads this optimism as it dispels the suspense and confirms the August rollout of its full services on the recently-launched subsidiary platform in the Asian country. Founder of the exchange, Changpeng Zhao, radiated confidence in virtual attendance at a Tokyo conference.
The promise of full services comes after the May 2023 announcement of the platform. This move, compliant with local regulatory paradigms, was designed to immerse Japanese users into the Binance ecosystem. Thanks to the strategic purchase of Sakura Exchange BitCoin in late 2022, the provider gained a vital entry point into the Japanese market. Certainly, acquisitions have often served as a springboard for many companies to leap into new markets.
Asia holds seemingly unlimited potential for Binance, ready to extend its influence following similar expansions into territories including Thailand and South Korea. Yet, it is nothing short of a tightrope walk. On the other side of the globe, the shadows of stringent regulatory scrutiny loom large over the firm, with ongoing legal battles in the US. Countries like the Netherlands and Belgium have stubbornly kept their gates closed to the platform so far, and Germany, Europe’s strongest economy, has refused to issue an operating license to the exchange.
The hard times continue as French prosecutors probed the exchange’s office, investigating its money laundering controls. Thus, Binance is seen scrambling to shore up its presence in the East. Takeshi Chino, Binance’s General Manager in Japan, further surprised attendees with potentially launching a Binance stablecoin in Japan, an initiative far from simple considering Japan’s newly implemented stablecoin law of June 2023. This regulation allows only Japan’s licensed banks, registered money transfer agents, and trust companies to issue stablecoins.
This daring possibility was shared by Richard Teng, labeled by many as Zhao’s probable successor. The head of regional markets at Binance, Teng subtly shared clues of traditional financial stakeholders amplifying their interest in cryptocurrencies.
Will Binance’s ambitious expansion strategies fare well in the temperamental landscape of global crypto markets, or will the stringent regulatory hurdles present insurmountable challenges? Only time will tell. Regardless, as August 2023 promises to be a milestone in Binance’s journey, crypto enthusiasts will be watching with bated breath.
Source: Cryptonews
