Binance Japan Set to Offer 100 Listed Tokens
Discover Binance Japan's diverse collection of 34 tokens, including Bitcoin, Ethereum, Binance Coin and with plans to expand to over 100 tokens.
Binance Japan currently offers 34 tokens, including major cryptocurrencies like Bitcoin, Ethereum, and Binance Coin. The plan to expand the list to over 100 tokens is nearly three times the current offering. Tsuyoshi Chino, the company's representative, has emphasized the goal of curating a diverse collection of tokens, both global and unique to Japan.
One of the key aspects of Binance Japan's expansion strategy is its intent to collaborate with other local cryptocurrency exchanges. This collective effort aims to enhance liquidity within the market, thereby fostering a more robust trading ecosystem. Chino envisions a collective effort among Japanese exchanges to achieve the ambitious target of listing 100 tokens as swiftly as possible.
While Binance Japan currently focuses on cryptocurrency spot trading and a 'Simple Earn' cryptocurrency lending service, the company has plans to introduce futures trading. This will bring it on par with its global entity, pending the necessary licensing. Furthermore, Binance Japan aims to gradually integrate multiple services like staking, a Launchpad investment platform, and an NFT marketplace, all in compliance with Japan's regulations.
Binance's return to the Japanese market was made possible by its purchase of Sakura Exchange BitCoin (SEBC) in November 2022. This acquisition enabled Binance to follow the rules set by the Japan Financial Services Agency (JFSA). The platform came back on August 1, 2023, with an initial offering of 34 tokens after being away for five years due to regulatory obstacles.
Furthermore, Binance Japan is looking into introducing stablecoins. This is based on a recent law in Japan that allows authorized banks and registered money transfer companies to create stablecoins. Binance sees this as part of its commitment to contribute to Japan's Web3 projects and establish a lasting Web3 ecosystem in the nation.
Binance's expansion in Japan comes at a crucial time when the company has faced regulatory challenges in other markets like the U.K. and the Netherlands. This development in Japan is undoubtedly a positive step for Binance.