For its future cryptocurrency exchange business, which it hopes to start in August, Binance Japan has recently released specific plans. . In comparison to significant domestic rivals Bitbank (30 coins), GMO Coin (26 cryptocurrencies), and Coincheck (22 cryptocurrencies), Binance Japan will handle 34 cryptocurrencies. By handling the most cryptocurrency upon launch, Binance Japan is the leading domestic exchange.
Initial offerings from Binance Japan will focus on two key services: a “cryptocurrency exchange” that facilitates trades between users and a “cryptocurrency sales office” that shows a single selling price in real-time. Leverage trading, which is acquiring and disposing of assets with the use of borrowed money, will not be offered.
It is anticipated that “Build and Build (BNB),” an exchange token from Binance, will make its debut in Japan. Additionally, users of Binance Japan will be able to use tools like “Simple Earn,” which allows them to deposit cryptocurrency assets and earn income, as well as “NFT Marketplace,” “Auto Invest,” and “API Connection” capabilities.
Binance Due to the stringent requirements for getting a “Type 1 Financial Instruments Business” licence in Japan, the country has opted not to offer leverage trading. Axie (AXS), Solana (SOL), Astra (ASTR), Avalanche (AVAX), Jasmine (JASMY), and other cryptocurrencies are listed, indicating a desire to draw in seasoned users.
Binance Although no specifics have yet been disclosed, Japan is also exploring or getting ready to list domestic unlisted cryptocurrencies. The Financial Services Agency-registered exchange company Sakura Exchange Bitcoin (SEBC) would be acquired by Binance, it was revealed in November 2022. The ensuing announcements included the changeover to a new management structure and the transfer of all shares to Binance Holdings.
The entire service offering in Japan will begin in August, according to Changpeng Zhao (CZ), CEO of Binance Holdings, who participated in the international conference WebX on 25 July.
The announcement made by Binance Japan is a crucial step towards increasing its presence in the Japanese market. Binance Japan is establishing itself as a significant player in the Japanese exchange market by providing the greatest amount of cryptocurrencies at launch and delivering special features. The decision to forbid leverage trading reflects a careful approach to compliance and is consistent with the regulatory framework in Japan. The incorporation of particular cryptocurrencies and extra services shows a focused approach to meeting the demands and interests of distinct users.