Cryptocurrency exchange Binance will start offering full services in Japan next month, founder Changpeng Zhao (CZ) announced. The leading trading venue for digital assets reenters the Japanese market with a domestic exchange after announcing earlier it was discontinuing services through its global platform.
Binance Returns to Japan, Praises Its Web3 Regulatory Framework
The world’s largest crypto exchange by daily trading volume, Binance, will provide full services on its new platform in Japan starting from August, its founder and CEO Changpeng Zhao revealed in a virtual address to the participants in the Webx conference in Tokyo on Tuesday.
CZ: Japan is a flagship leader for Web3 regulatory environments.
— Binance (@binance) July 25, 2023
The crypto giant bought the Japan-regulated Sakura Exchange Bitcoin (SEBC) in November 2022. The deal allows Binance to scale up operations in the country after informing Japanese users this spring that it will gradually discontinue services on its global exchange by the end of November.
In May, Binance said it had created a new platform for residents of Japan in order to fully comply with local regulations. “Users of the global platform will be able to migrate to the new local platform through a new identity verification process (KYC), which will be available after Aug. 1, 2023,” the exchange explained in a notice.
In the video posted by Binance on Twitter, CZ praised Japan as a leader in establishing Web3 regulatory environments. He pointed out that the Asian nation has had clear regulations since 2017, with rules for crypto exchanges in particular, and highlighted this year’s opening up of crypto listing frameworks as well as the passing of stablecoin regulations in June. He also stated:
Japan is a flagship leader in this area and example for the rest of the world to follow. Binance is extremely happy to participate in the Japanese market again … and we are going to launch the full service in August.
Binance’s General Manager for Japan, Takeshi Chino, said at the Tokyo event that the crypto firm could start stablecoins in Japan too, Bloomberg noted in a report. The country’s stablecoin law came into force on June 1. It allows licensed Japanese banks, registered money transfer agents, and trust companies to issue this type of token.
has moved to expand its Asian presence in other markets as well, such as South Korea and Thailand. It’s been taking these steps in the region while being under increased pressure and scrutiny from regulators in other jurisdictions around the world, including the U.S. where it’s engaged in lawsuits with the securities and futures commissions.
Also during the conference, Binance’s head of regional markets, Richard Teng, remarked that recent signs of interest in crypto from traditional financial players can encourage “mass adoption at a much faster pace.” Among the latest developments that gave cause for optimism was the acceptance by the U.S. securities regulator of the spot bitcoin ETF application of financial powerhouse Blackrock.
Do you expect Binance to seek to provide crypto trading services through locally regulated platforms in other Asian markets? Tell us in the comments section below.