Binance finally completes its move to reenter the Japanese market as it officially launches its Japan subsidiary on August 1. The largest crypto exchange by volume made this known via a blog post on its official website.
According to the announcement, residents in Japan can now access Binance’s services when trading cryptocurrencies. Existing users residing in Japan with access to the global Binance accounts will be able to migrate to the new platform after August 14 by completing a new KYC (ID verification) process.
Binance’s reentry to the Japanese market was made possible after the successful acquisition of Sakura Exchange BitCoin [SEBC] – a licensed local cryptocurrency exchange service provider in November 2022. The launch date was initially set for June, however, CEO Changpeng ‘CZ’ Zhao confirmed the new date to be in August.
We’re proud to announce that #Binance has officially launched in Japan as Binance Japan K.K.
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Users in the country now have access to more tradable tokens than any other exchange, with Spot and Earn products available.
Find more details below.https://t.co/grxPYSsp84
— Binance (@binance) August 1, 2023
Read Also: Binance Japan to List 34 Cryptocurrencies Upon Launch: see full list
Binance Japan to offer 34 cryptocurrencies
Binance Japan offers access to a range of products and services to its local residents including spot trading and Earn products. In addition, it has announced that the platform will offer a variety of cryptocurrencies totaling 34. This puts Binance Japan ahead of its domestic rivals including Bitbank, GMO, and Coincheck which offer 30, 26, and 22 crypto assets respectively.
Major cryptocurrencies like Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), Cardano (ADA), and significantly Binance Coin (BNB) are available on the platform. Impressively, Binance Japan also offers memecoins including Dogecoin (DOGE) and Shiba Inu (SHIB) as part of its tradeable assets.
Other cryptocurrencies listed are DeFi and Web3-based blockchain-based game tokens including Solana (SOL), Avalanche (AVAX), and Axie Infinity (AXS).
Meanwhile, Binance Japan also offers a way for users to earn a daily reward by depositing cryptocurrencies through the “Simple Earn” feature. Resident users can also access the auto-invest feature that helps them automate their crypto investments over set intervals with a predetermined amount.
What’s more, Binance hopes to strengthen the development of the Japanese digital-asset market by catering to its Japanese users through the Binance Japan platform. Ultimately, Japan’s growing interest in blockchain technology makes it an exciting place to build a strong and sustainable web3 ecosystem.
Victor Swaezy
Victor Swaezy is a crypto-journalist with more than 3 years of experience in covering blockchain technology and digital currencies news. Known for his comprehensive reporting, Victor has contributed to leading industry publications such as Coinfomania and Crypto News Guru, providing market participants with the required knowledge to make informed decisions. When he is not working, he loves to watch movies and have a good time.