Binance Japan, which recently initiated its full suite of services earlier this month, has unveiled ambitious plans to substantially expand its token offerings on its platform. According to a recent report from Bloomberg, the exchange has set its sights on introducing a minimum of 100 tokens in the near future, marking a significant threefold increase from its current selection.
In a recent online briefing, a representative from Binance Japan revealed their strategic intention to collaborate with other local cryptocurrency exchanges in the Japanese market. This collaborative approach aims to enhance liquidity within the market, thereby fostering a more robust trading ecosystem. The Japanese crypto news outlet Coinpost reported this development, which was subsequently retweeted by Changpeng Zhao, the founder and CEO of Binance.
Binance re-entry in Japan
Presently, Binance Japan, the local counterpart of the world’s largest cryptocurrency exchange, features 34 tokens on its platform. The company has previously communicated its array of services accessible to Japanese customers, encompassing spot trading, various Earn products, and its own non-fungible token (NFT) marketplace.
Binance’s re-entry into the Japanese market was catalyzed by its acquisition of 100% ownership in Sakura Exchange BitCoin in November 2022. This acquisition positioned the exchange to operate within the regulatory framework established by the Japan Financial Services Agency (JFSA). Notably, this return to the Japanese market followed warnings issued by the JFSA in 2021, when it cautioned against Binance’s activities due to its lack of registration within the country.
The exchange recently introduced a novel service called “Send Cash” aimed at streamlining the process of transferring cryptocurrencies to bank accounts in Latin America. Rolled out on August 29, this service is presently accessible to users in nine specific countries: Colombia, Honduras, Guatemala, Argentina, Costa Rica, Paraguay, the Dominican Republic, Panama, and Mexico. In its initial phase, the service will facilitate transfers exclusively to bank accounts located in Colombia and Argentina.