Binance says "hello" to the Japanese crypto market.
Binance, one of the world's leading cryptocurrency exchanges, has made a significant step by bringing its trading services to Japan.
The launch comes two years after the crypto exchange received a regulatory warning from local authorities representing a renewed commitment to operate within the Japanese market.
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According to the announcement shared on August 1st, Binance's Japanese branch was created after, in November 2022, the company acquired Sakura Exchange Bitcoin.
Binance Japan is set to offer spot trading for 34 tokens as of August 1st, with a planned migration of global Binance users located in Japan beginning on August 14th.
Binance's relationship with Japan has been complex. Formerly, the crypto exchange's headquarters were located in Japan, with CEO Changpeng Zhao briefly living in the country also. However, following a regulatory warning from the Japanese Financial Services Agency (FSA), Binance relocated to Malta in 2018.
The FSA warned Binance once again in June 2021 about operating in the country without a license. Binance responded that it did not “hold exchange operations” in Japan.
Japan has shown support for crypto and blockchain innovations, with Prime Minister Fumio Kishida endorsing the government's plans to boost Web3 technologies. Despite these promises, other major crypto exchanges such as Kraken and Coinbase have opted to cease operations in Japan, citing market conditions.
Binance's return to the Japanese market, in compliance with local regulations, is both a bold and strategic initiative. This move differentiates it from other crypto exchanges withdrawing from Japan and demonstrates a calculated effort to leverage the Japanese market's potential, reflecting broader global trends toward embracing cryptocurrency.
