Binance has re-entered Japan after a brief hiatus and the exchange currently lists 34 cryptocurrencies for Japanese traders to invest in. The US-based crypto exchange has turned its attention to Japan where the leadership has decided to adopt a pro-Web3 approach. Japan’s Prime Minister Fumio Kishida is looking to generate more revenue in the country and has given an open invitation to crypto and Web3 players to set up shop in Japan.
“We are proud to announce the launch of Binance Japan. “formerly known as Sakura Exchange Bitcoin (SEBC), the licensed local cryptocurrency exchange service provider that Binance acquired in November 2022, has changed a business name to become Binance Japan,” the crypto exchange announced. Did formal statement On 1 August.
Bitcoin, Ether, Cardano, Dogecoin and Shiba Inu are among the 34 cryptocurrencies currently listed by Binance in Japan.
Along with this, Binance’s native BNB token has also hit the Japanese market for the first time. At the time of writing, BNB token was trading at a price point of $245 (roughly Rs. 20,200), according to Gadgets 360. crypto price tracker, Its total market cap currently stands at $37.7 billion (roughly Rs. 3,11,500 crores).
For the first phase of its implementation, Binance is allowing people to deposit funds in the form of listed cryptocurrencies or JPY. On the other hand, withdrawals in JPY will be offered after August 20.
“By offering regulated exchange services in Japan, we are looking forward to fostering the development of the Japanese digital-assets market. The country’s drive for technological innovation and growing interest in blockchain technology make it a great place to build a strong and sustainable Web3 ecosystem,” the company said in its statement.
Binance and its rival Coinbase are facing scrutiny in the US with the Securities and Exchange Commission launching an investigation over their business operations.
The companies are meanwhile also eyeing other markets where the changes may be better suited to boost their crypto business.
Japan, at the moment, is positioning itself as the next big hotspot for launching Web3 projects. The country is looking to generate employment numbers through Web3 projects to help its citizens as well as its economy.
“Web3 is part of a new form of capitalism,” Kishida Allegedly said in his keynote address for the WebEx conference in Tokyo, Japan last month.
In 2018, Binance pulled back its Japan operations due to lack of relevant licenses. At the time, Japan’s Financial Services Agency (FSA) insisted Binance to provide compliance proof before resuming services in Japan.