Binance to Launch Crypto Exchange in Japan by the End of August

Binance to Launch Crypto Exchange in Japan
Binance to Launch Crypto Exchange in Japan

By the end of summer, Binance will return to the Japanese digital asset market, CEO Changpeng Zhao promised during the WebX conference, writes Bloomberg.

In 2022, the company acquired the Sakura Exchange BitCoin (SEBC) trading platform, registered FSA.

Binance Japan General Manager Takeshi Chino then announced the firm’s intention to cooperate with regulators and develop the exchange in accordance with local requirements.

It was originally planned that the site will begin work on May 31. Clients will have access to up to 30 cryptocurrencies for spot trading.

Chino admitted that the platform would later add stablecoins to the listing. On June 1, the law on “stable currencies”, which are recognized as “digital money”, came into force.

In 2018, the FSA issued a warning to Binance about the need to obtain a license in order to continue operating in the country. At the same time, the regulator tightened the process of checking risks when opening new cryptocurrency exchanges.

Two years later, Binance decided to restrict Japanese users from accessing the platform. Later it became known that the exchange and the local crypto trading firm TaoTao did not reach an agreement to create a joint company.

In the summer of 2021, the FSA issued another warning to Binance for operating without registration.

In September 2022, the crypto exchange re-applied for a license in the country.

Speaking at the same conference, Japanese Prime Minister Fumio Kishida recalled the government’s initiatives to promote Web3 in the country.

The leader of the country expressed his hope that the conference will serve as a platform where large companies will announce significant projects aimed at creating economic zones in the metaverse.

Recall that in October 2022, the head of government announced state investments in virtual worlds and NFTs.

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