Binance to Boost Japan Services With New Platform Launching in August

Binance, the world’s largest crypto exchange, is set to launch its full range of services on its new platform in Japan this August. The announcement was made by the founder of Binance, Changpeng Zhao, during a video presentation at a conference in Tokyo on Tuesday.

The move comes after Binance acquired Sakura Exchange BitCoin in November last year. In May of this year, the firm revealed its plans to create a platform that fully complies with local regulations in Japan, signaling its commitment to operating within the country’s legal framework.

While expanding its presence in other Asian markets like South Korea and Thailand, Binance has also faced significant regulatory scrutiny in various jurisdictions worldwide. This increased attention from regulators has prompted the exchange to take steps to ensure compliance and address regulatory concerns.

During the conference in Japan, Binance’s local General Manager, Takeshi Chino, hinted at the possibility of introducing stablecoins in the country. Japan’s stablecoin law, which came into effect on June 1, permits licensed banks, registered money transfer agents, and trust companies to issue such tokens.

Richard Teng, the head of regional markets at Binance and seen by some as a potential successor to Changpeng Zhao, expressed optimism about the future of cryptocurrencies. He highlighted the growing interest in crypto from traditional financial players, suggesting that this trend could accelerate mass adoption at a much faster pace.

Overall, Binance’s forthcoming full-scale platform in Japan and its potential entry into the stablecoin market demonstrate the exchange’s dedication to navigating the regulatory landscape while continuing to drive innovation and crypto adoption in the region and beyond.

Image Credit: Shutterstock