• Binance Japan aims to provide diverse products and services, including Spot Trading and Earn options, granting access to carefully selected tokens like Shiba Inu and XRP. 

• The platform allows users to deposit Japanese yen and cryptocurrencies, with Japanese yen withdrawals available starting August 20. 

Binance, the biggest cryptocurrency exchange globally, has launched a dedicated platform called Binance Japan to serve the Japanese market. This regulated platform has begun by offering support for popular cryptocurrencies like Shiba Inu and XRP.

he official announcement on Binance’s website marks a notable step in Japan’s transition towards Web3 and promises Japanese users an exceptional crypto experience. 

Binance Japan’s main objective is to offer a variety of products and services to its users. These offerings include Spot Trading and Earn products, providing access to Shiba Inu, XRP, and carefully chosen tokens. Existing Japanese users registered with Binance’s global platform will receive a separate notification on August 14 regarding the migration process.

The platform enables users to deposit Japanese yen and cryptocurrencies, with withdrawals in Japanese yen becoming available from August 20. Users can utilize the Convert feature to swap between 32 different tokens, such as Bitcoin (BTC), Ethereum (ETH), Shiba Inu (SHIB), XRP, and Cardano (ADA).

Additionally, Spot Trading supports 32 tokens, encompassing all tokens available in the Convert feature, except for JasmyCoin (JASMY) and NEM (XEM). An important point to highlight is that Binance’s U.S.-based sister exchange recently increased its support for XRP following a legal ruling that clarified XRP’s security status.

Acquisition of SAKURA Exchange BitCoin (SEBC)

Binance’s venture into the Japanese market originates from acquiring SAKURA Exchange BitCoin (SEBC), a licensed cryptocurrency exchange service provider in the region. Following a name change, SEBC was rebranded as Binance Japan Inc. in November 2022.

Binance’s motive behind offering regulated exchange services in Japan is to foster the expansion and advancement of the Japanese digital asset market. Given Japan’s reputation as an innovation hub and the growing interest in blockchain technology, it presents a favorable environment for establishing a sustainable crypto ecosystem.

Embracing Decentralized Finance (defi) and Web3 Tokens

Binance Japan offers a greater variety of cryptocurrencies compared to its major domestic competitors like Bitbank (30), GMO Coin (26), and Coincheck (22). This extensive selection positions Binance Japan as the leading exchange in Japan in terms of supported digital coins. Additionally, Binance Japan includes decentralized finance (defi) and Web3 tokens in its offerings.

The platform plans to consider listing tokens that other domestic exchanges do not currently support in the future. Users can also access Simple Earn, which provides crypto deposit accounts, and the Binance NFT Marketplace.

During the recent Webx conference in Tokyo, Binance’s founder and CEO, Changpeng Zhao (CZ), revealed that the exchange will offer comprehensive services in Japan through a new platform. This announcement came after Binance had previously declared its intention to discontinue services for Japanese customers on its global platform.

The positive development in Japan comes when Binance faces increased regulatory pressure in other regions. In North America, the exchange faced legal action from U.S. securities and derivatives regulators, and it decided to exit the Canadian market due to regulatory uncertainties.

Similarly, in Europe, Binance withdrew license applications or canceled registrations in several countries, including the Netherlands, Germany, Cyprus, and the U.K. Despite these challenges, the company has been focusing on exploring new markets and launched a regulated exchange in Kazakhstan in June.