Binance Japan Plans to Initially List 34 Tokens Following Market Re-entry

Binance Japan Plans to Initially List 34 Tokens Following Market Re-entry

Binance Japan is planning to initially list 34 tokens, the most
offerings among its rivals in Japan, after reopening its services in the country this
month. The cryptocurrency exchange is also planning to offer its native token,
BNB, for the first time in Japan.

In November last year, Binance
acquired the Japanese
cryptocurrency exchange Sakura Exchange BitCoin, paving the way for the
exchange to re-enter Japan. This step was aimed at enabling Binance to operate
legally in the country after several warnings by the Japanese regulator that the exchange was
operating illegally.

Spot Trading Services

According to the Japanese media publication Coinpost,
Binance will initially offer spot trading services. However, the exchange will
not offer leveraged trading services, which requires a 'Type 1 Financial
Instruments Business’ license with more strict standards.

With 34 tokens listed
for trading, Binance Japan will rank as the largest cryptocurrency exchange in Japan
based on the number of listed tokens. Its rivals, Bitbank, GMO Coin, and Coincheck,
offer 30, 26, and 22 tokens, respectively, according to a survey by CoinPost. Some
of the tokens expected to be listed on the exchange include Solana (SOL), Avalanche
(AVAX), and Axie Infinity (AXS).

Besides that, cryptocurrency users in Japan will access Binance Earn, a program that
allows users to earn interest on their crypto deposits.
Additionally, the exchange will reportedly offer Japanese crypto users trading services
on its non-fungible token (NFT) marketplace.

Regulatory Wins for
Binance Japan

The CEO of Binance,
Changpeng Zhao, has praised Japan, saying the country is a leader in the
regulations of Web 3. In the recent past, the largest crypto exchange by volume has faced several regulator hurdles, recently having been forced to drop
its license application in
Germany.

„Japan had very
clear regulations from 2017 with crypto exchange regulations, and more recently
this year with the opening up of crypto listing frameworks as well as the
passing of the stablecoin regulations in June,” Zhao said.

Finance
Magnates reported a
week ago that Binance Japan was planning
to introduce stablecoins after
the country passed a bill that recognizes the digital assets. The new law allows
licensed banks, registered money transfer agencies, and trust companies to
issue stablecoins.

This article was written by Jared Kirui at www.financemagnates.com.

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