Binance, the world’s largest cryptocurrency exchange, is set to make a grand entrance into the Japanese market with its highly anticipated launch in August. According to local crypto media outlet Coinpost, Binance Japan is gearing up to surpass its domestic rivals by initially offering an impressive array of 34 tokens.
Coinpost’s report also reveals that Binance Japan will mark a momentous milestone by listing its native token, “Build and Build (BNB),” in Japan for the first time. This move is expected to add significant depth and accessibility to the Japanese crypto ecosystem.
In an announcement made on August 1st, Binance divulged crucial details about its services in Japan. The exchange will introduce a “cryptocurrency exchange (spot trading)” that facilitates transactions between users on a trading board and a “cryptocurrency exchange” that displays real-time selling prices, akin to a vending machine.
Binance will not offer leveraged trading initially
It is essential to note that Binance Japan will not be offering leveraged trading initially, a decision prompted by the strict regulatory requirements for obtaining a “Type 1 Financial Instruments Business” license in Japan.
With an impressive lineup of 34 cryptocurrency tokens, Binance Japan is poised to outshine major domestic competitors such as Bitbank, GMO Coin, and Coincheck, which currently handle 30, 26, and 22 tokens, respectively. This market dominance signifies Binance’s determination to position itself as the go-to platform for Japanese traders seeking a diverse and dynamic range of assets.
As Binance founder and chief executive, Changpeng Zhao expressed in a Twitter video in July, re-entering the Japanese market has been a top priority for the exchange. With its extensive token listings and the inclusion of BNB, Binance Japan is expected to become a driving force in promoting cryptocurrency adoption and facilitating seamless trading experiences for Japanese users.