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Binance Japan begins launching trading services for residents

Altszn.com by Altszn.com
August 1, 2023
in Web3
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Binance Japan begins launching trading services for residents
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Major cryptocurrency exchange Binance has announced the launch of a Japan-based arm roughly two years after receiving a warning from the country’s financial regulator.

In an Aug. 1 announcement, Binance said local crypto exchange Sakura Exchange Bitcoin has launched as Binance Japan in an effort to operate within the country’s regulatory framework. The firm said it was offering spot trading for 34 tokens as of Aug. 1, with plans to migrate global Binance users starting on Aug. 14.

Japan, briefly home to Binance CEO Changpeng Zhao, was also the headquarters of the crypto exchange following the move of its operations from China. However, Binance relocated to Malta in 2018 following warnings from Japanese financial regulators on its license.

The Financial Services Agency (FSA) of Japan issued a letter to Binance in June 2021, warning the exchange for operating in the country without a license. A spokesperson told Cointelegraph at the time that the firm did not “hold exchange operations” in the country or “actively solicit Japanese users”.

Related: Token issuers in Japan exempt from 30% crypto tax on paper gains

Binance acquired Sakura Exchange Bitcoin in November 2022, suggesting the firm planned to re-enter the Japanese crypto market under the required regulatory regime. The company said the move was aimed at “bolster[ing] the development of the Japanese digital-asset market”, citing its growing interest in blockchain.

Japanese Prime Minister Fumio Kishida has stood behind the government’s plans to promote Web3 innovations in the country. However, other crypto exchanges including Kraken and Coinbase announced their intention of shuttering operations in Japan, citing market conditions.

Magazine: Crypto City: Guide to Osaka, Japan’s second-biggest city