Binance has re-entered Japan after a brief hiatus, with the exchange temporarily listing 34 cryptocurrencies for Japanese traders to invest in. The U.S.-based cryptocurrency exchange has turned its focus to Japan, where leadership has decided to take a Web3-enabled approach. Japanese Prime Minister Fumio Kishida, who has been seeking to increase national revenue, has issued an open invitation to cryptocurrency and Web3 players to set up shop in Japan.
“We are proud to announce the launch of Binance Japan. The licensed local cryptocurrency exchange service provider acquired by Binance in November 2022 and previously known as Sakura Exchange BitCoin (SEBC) has been renamed Binance Japan.” formal statement August 1st.
The 34 cryptocurrencies currently listed on Binance in Japan include Bitcoin, Ethereum, Cardano, Dogecoin, and Shiba Inu.
With this, Binance’s native BNB token also entered the Japanese market for the first time. As of the time of writing, the BNB token is trading at $245 (roughly Rs. 20,200), according to Gadgets 360’s cryptocurrency price tracker. Its current total market capitalization is $37.7 billion (approximately Rs. 3,11,500 crore).
In the first phase of its launch, Binance allowed people to deposit funds in the form of listed cryptocurrencies or Japanese yen. On the other hand, Japanese Yen withdrawals will be available after August 20th.
“By providing regulated trading services in Japan, we hope to promote the development of Japan’s digital asset market. The country’s drive for technological innovation and growing interest in blockchain technology make it an ideal location to build a strong and sustainable Web3 ecosystem. system,” the company added in a statement.
Binance and its rival Coinbase have been facing scrutiny in the United States, with the U.S. Securities and Exchange Commission launching an investigation into their business operations.
At the same time, the companies have been eyeing other markets where changes to boost crypto business might be better served.
Japan is currently positioning itself as the next big hotspot for incubating Web3 projects. The country hopes to help its citizens and its economy by creating jobs through the Web3 project.
“Web3 is part of a new form of capitalism,” Kishida reportedly said during a keynote speech at the WebX conference in Tokyo last month.
Binance withdrew its Japanese operations in 2018 due to lack of relevant licenses. At the time, Japan’s Financial Services Agency (FSA) had asked Binance to provide proof of compliance before resuming services in Japan.
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