Binance Japan has unveiled its strategy encompassing a
widespread adoption of Web3 technology and a focus on stablecoin. According to
an online business press briefing hosted by the company, Binance Japan plans to
handle up to 100 crypto assets in the region.
Tsuyoshi Chino, the
company’s representative, emphasized in a report by CoinPost the intent to
expand beyond traditional cryptocurrency exchange services by collaborating
with Japanese enterprises and governmental bodies. This step will be
facilitated through the integration of stablecoins by the exchange.
Currently, Binance Japan’s services primarily encompass
cryptocurrency spot trading and ‘Simple Earn’ cryptocurrency lending. While
leverage (margin) trading is not currently offered, the exchange is planning to
introduce futures trading, bringing it on par with its global entity upon
obtaining the necessary license as a ‘Type1’ financial instruments business
provider.
Binance Global’s
operations include multiple services such as staking, Launchpad investment
platform, and NFT marketplace. While the specific timelines for introducing
these services remain unspecified, Chino confirmed the gradual integration of
such offerings per Japan’s regulations.
Central to Binance
Japan’s expansion is its plans to handle a diverse portfolio of stocks. With
the global Binance platform supporting over 350 stocks, the Japanese
counterpart’s aspiration is to handle 100 stocks, selectively chosen to reflect
the unique preferences of the local market.
Chino emphasized that
the maturity of the project’s ecosystem and the size of the community are
important factors in driving the selection of the assets to be listed on the
exchange. Additionally, Binance Japan plans to extend collaboration with other
Japanese exchanges to foster an environment conducive to share stock screening
initiatives.
Market Re-entry and
Strategic Acquisition
At the beginning of the month, Binance Japan resumed
services in the Japanese market, initially
listing 34 tokens. Notably,
the exchange offering positioned Binance Japan as the largest crypto exchange
in Japan in terms of listed tokens, Finance
Magnates reported. In
comparison, Bitbank, GMO Coin, and Coincheck offer 30, 26, and 22 tokens
respectively.
Furthermore, Binance
Japan plans to introduce stablecoins. The recent bill recognizing digital
assets in Japan allows licensed banks, registered money transfer agencies, and
trust companies to issue stablecoins.
Binance’s
journey back to Japan began last year when it obtained
a 100% stake in Sakura Exchange BitCoin (SEBC), a digital service provider registered under the
Japanese Financial Services Agency (JFSA). Binance’s influence is not confined
to Japan alone in the Asian market. The company invested in the South Korean
crypto platform GOPAX last year.
Binance Japan has unveiled its strategy encompassing a
widespread adoption of Web3 technology and a focus on stablecoin. According to
an online business press briefing hosted by the company, Binance Japan plans to
handle up to 100 crypto assets in the region.
Tsuyoshi Chino, the
company’s representative, emphasized in a report by CoinPost the intent to
expand beyond traditional cryptocurrency exchange services by collaborating
with Japanese enterprises and governmental bodies. This step will be
facilitated through the integration of stablecoins by the exchange.
Currently, Binance Japan’s services primarily encompass
cryptocurrency spot trading and ‘Simple Earn’ cryptocurrency lending. While
leverage (margin) trading is not currently offered, the exchange is planning to
introduce futures trading, bringing it on par with its global entity upon
obtaining the necessary license as a ‘Type1’ financial instruments business
provider.
Binance Global’s
operations include multiple services such as staking, Launchpad investment
platform, and NFT marketplace. While the specific timelines for introducing
these services remain unspecified, Chino confirmed the gradual integration of
such offerings per Japan’s regulations.
Central to Binance
Japan’s expansion is its plans to handle a diverse portfolio of stocks. With
the global Binance platform supporting over 350 stocks, the Japanese
counterpart’s aspiration is to handle 100 stocks, selectively chosen to reflect
the unique preferences of the local market.
Chino emphasized that
the maturity of the project’s ecosystem and the size of the community are
important factors in driving the selection of the assets to be listed on the
exchange. Additionally, Binance Japan plans to extend collaboration with other
Japanese exchanges to foster an environment conducive to share stock screening
initiatives.
Market Re-entry and
Strategic Acquisition
At the beginning of the month, Binance Japan resumed
services in the Japanese market, initially
listing 34 tokens. Notably,
the exchange offering positioned Binance Japan as the largest crypto exchange
in Japan in terms of listed tokens, Finance
Magnates reported. In
comparison, Bitbank, GMO Coin, and Coincheck offer 30, 26, and 22 tokens
respectively.
Furthermore, Binance
Japan plans to introduce stablecoins. The recent bill recognizing digital
assets in Japan allows licensed banks, registered money transfer agencies, and
trust companies to issue stablecoins.
Binance’s
journey back to Japan began last year when it obtained
a 100% stake in Sakura Exchange BitCoin (SEBC), a digital service provider registered under the
Japanese Financial Services Agency (JFSA). Binance’s influence is not confined
to Japan alone in the Asian market. The company invested in the South Korean
crypto platform GOPAX last year.
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- Source: https://www.financemagnates.com//cryptocurrency/binance-japan-gears-up-for-full-service-launch-to-offer-up-to-100-crypto-assets/
