Binance, one of the world’s leading cryptocurrency exchanges, recently announced its plans to list 13 new tokens for spot trading and crypto-earning services in Japan. This strategic move, according to a statement shared with CryptoSlate on November 15, will increase Binance’s token offerings from 34 to 47, solidifying its position as the largest platform with the most extensive token selection in the country.
The newly listed tokens on Binance’s Japanese platform include notable crypto assets such as Hedera Hashgraph (HBAR), Near Protocol (NEAR), Optimism Network (OP), Immutable X (IMX), and Arbitrum (ARB). Additionally, Binance Japan will also feature ApeCoin (APE), Klatyn (KLAY), Lisk (LSK), The Graph (GRT), and Render Token (RNDR). It is worth mentioning that these tokens are already listed on other registered platforms in Japan, ensuring their eligibility for trading on Binance.
To ensure compliance with Japanese regulations, Binance Japan worked closely with the Japan Virtual and Crypto Assets Exchange Association (JVCEA) to assess the listed assets. This collaboration marks a significant step in building trust within the crypto community by adhering to strict regulations enforced by the JVCEA. Takeshi Chino, the CEO of Binance Japan, expressed the company’s dedication to provide a robust offering of tokens and contribute to Japan’s role in Web3 adoption.
Binance’s expansion in Japan is not a recent development. The exchange had previously entered the Japanese market in August as a fully regulated firm under the supervision of the Japan Financial Services Agency (JFSA). This reentry was made possible through the acquisition of Sakura Exchange BitCoin (SEBC), a registered crypto exchange service provider, in 2022. By complying with regulatory requirements, Binance demonstrates its commitment to operating within the legal framework of the country.
Binance’s expansion in Japan comes at a time when major players in the crypto industry, such as Kraken and Coinbase, have withdrawn from the country. The strict regulatory environment in Japan has played a significant role in shaping the cryptocurrency landscape. These regulations have been instrumental in safeguarding the funds of FTX Japan customers from the potential bankruptcy of their parent companies.
The announcement of 13 new tokens being listed on Binance’s Japanese platform signifies the company’s commitment to providing a diverse selection of crypto assets to its users. By collaborating with regulatory bodies and complying with strict regulations, Binance Japan aims to foster trust and confidence within the Japanese crypto community. As Binance continues to expand its operations in Japan, it may potentially solidify its position as a leading cryptocurrency exchange in the country.