Binance, which is being sued by US regulators for a wide range of issues and appears to be operating in jurisdictions where crypto services are banned, is pleased to announce the launch of Binance Japan, their new platform “designed for the Japanese market.”
Binance says it believes this to be “a significant milestone in the country’s Web3 journey and hope to deliver an unmatched crypto experience to our users in Japan.”
Previously known as SAKURA Exchange BitCoin, Inc. (SEBC), the licensed local cryptocurrency exchange service provider “that Binance had acquired in November 2022 has undergone a business name change to become Binance Japan Inc.”
As noted in a blog post, new users in Japan can now “access a range of products and services, including spot trading and Earn products.”
Binance Japan offers “a selection of 34 tokens for spot trading, including BNB, which becomes available in the country for the first time.”
For existing users in Japan who are registered with their global platform, “a separate notice will be provided after 2023-08-14 to initiate the migration process.”
Users can automate crypto investments “over set intervals with a predetermined amount.”
By offering regulated exchange services in Japan, Binance is hoping “to bolster the development of the Japanese digital-asset market.”
The country’s drive for technological innovation and growing interest in blockchain technology make it a fantastic place “to build a robust and sustainable Web3 ecosystem.”
Together with their Japanese users, it’s time “to grow the Binancian community and welcome another wave of Web3 early adopters to the fold.”
As covered, Binance, which claims to be the world’s largest virtual currency exchange, was expected to leave China behind when the nation officially made cryptocurrency trading illegal back in 2021.
Two years later, clients have reported traded $90 billion worth of crypto-focused assets in China during a month. This, according to internal numbers reportedly reviewed by The Wall Street Journal as well as company employees. The transactions performed in China, Binance’s largest market, accounted for around 20% of volume globally, which does not include trades made by a subset of relatively large traders.
China’s significance for Binance has been discussed internally. This, according to the current and ex- workers of the firm. Despite the crypto trading ban, the digital asset exchange’s investigations unit works cooperatively with Chinese authorities in order to identify criminal or illicit activity among the 900,000+ users in the nation. This, according to some of the current and ex- employees of the firm.
