Tuesday, April 23, 2024
Blockchain

Binance Japan Announces Launch Details, Set to Become Top Domestic Exchange with 34 Cryptocurrencies

Binance Japan has announced detailed plans for its upcoming cryptocurrency exchange service, aiming to launch within August. The announcement was made on August 1, 2023.

Binance Japan will handle 34 cryptocurrencies, surpassing major domestic competitors such as Bitbank (30 cryptocurrencies), GMO Coin (26 cryptocurrencies), and Coincheck (22 cryptocurrencies). This makes Binance Japan the top domestic exchange in terms of the number of cryptocurrencies handled at launch.

Binance Japan will initially offer two main services: a “cryptocurrency exchange” that matches user-to-user trades, and a “cryptocurrency sales office” that displays a single selling price in real-time. Leverage trading, which involves buying and selling assets using borrowed funds, will not be provided.

Binance’s exchange token, “Build and Build (BNB),” is expected to be listed in Japan for the first time. Binance Japan will also offer features like “Simple Earn,” where users can deposit their crypto assets and earn interest, an “NFT Marketplace,” “Auto Invest,” and “API Connection” functionalities.

Binance Japan has decided not to provide leverage trading, as obtaining the required “Type 1 Financial Instruments Business” license in Japan involves strict standards. The listing of certain cryptocurrencies like Solana (SOL), Astra (ASTR), Avalanche (AVAX), Jasmine (JASMY), and Axie (AXS) indicates an intention to attract experienced users.

Binance Japan is also considering or preparing to list domestic unlisted cryptocurrencies, though no specific details have been announced at this time. Binance announced the acquisition of the Financial Services Agency-registered exchange company Sakura Exchange Bitcoin (SEBC) in November 2022. The transition to a new management structure and the transfer of all shares to Binance Holdings were subsequently announced.

Binance Holdings’ CEO, Changpeng Zhao (CZ), participated in the international conference WebX on July 25, announcing the full service offering in Japan starting in August.

Binance Japan’s announcement marks a significant step in expanding its presence in the Japanese market. By offering the highest number of cryptocurrencies at launch and introducing unique features, Binance Japan is positioning itself as a major player in the domestic exchange landscape. The decision to exclude leverage trading aligns with the regulatory environment in Japan, reflecting a cautious approach to compliance. The inclusion of specific cryptocurrencies and additional services indicates a targeted strategy to cater to various user needs and preferences.

Image source: Shutterstock

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