In a recent press statement, Binance Japan announced the launch of a dedicated platform to onboard new customers in the country. This move is aimed at bolstering the embattled crypto exchange’s business and expanding its services in the Asian market. Binance Japan, formerly known as SAKURA Exchange Bitcoin, Inc., is one of the largest exchanges in Japan and is regulated by the country’s Financial Services Agency (FSA).
Binance made its entry into the Japanese market in November 2022 by acquiring SEBC. With the launch of the new platform, existing Japanese users of Binance’s global platform will be able to access the services provided by Binance Japan. The exchange aims to build a sustainable Web3 ecosystem in Japan, facilitating the adoption of cryptocurrencies in the country.
Listing of Digital Assets
Binance Japan will list a total of 34 digital assets on its platform. This includes popular cryptocurrencies such as Bitcoin (BTC), Ethereum (ETH), and Dogecoin (DOGE), along with others. Notably, Binance’s own native token, BNB, will be available for trading on the platform, marking its debut in the Japanese market. However, it is worth mentioning that BNB faces regulatory challenges in the United States, where it has been classified as a security by the Securities and Exchange Commission (SEC).
Range of Services
The platform offers various services to its users, including spot trading, Earn products, and an NFT Marketplace. However, derivatives trading services will not be provided for retailers. Through these offerings, Binance Japan aims to cater to the diverse needs of cryptocurrency traders and investors in Japan.
Regulatory Challenges and Impact on Market Dominance
Binance has been facing regulatory troubles in multiple jurisdictions in recent months, leading to a decline in its market dominance. While Japan has maintained strict crypto regulations, Binance has managed to navigate the regulatory framework by obtaining the necessary licenses. However, the exchange has struggled to secure appropriate licenses in other countries, resulting in its exit from markets such as the Netherlands, Cyprus, Germany, and the United Kingdom. As a result, its spot market share has fallen from 64% to 50% earlier this year, according to data from blockchain analytics firm Kaiko.
The launch of the new platform by Binance Japan signifies the exchange’s commitment to the Japanese market and its efforts to overcome regulatory challenges. By expanding its services and listing a wide range of digital assets, Binance Japan aims to meet the growing demand for cryptocurrencies in the country. While the exchange has faced setbacks in other jurisdictions, its focus on compliance and regulatory adherence in Japan positions it as a trusted platform for crypto enthusiasts in the Asian market.