Binance Japan, a subsidiary of Binance, will begin onboarding users in Japan on its newly launched platform.
Approximately two years after being issued a warning by the nation’s financial regulator, major cryptocurrency exchange Binance announced the opening of a Japan-based branch.
Local cryptocurrency exchange Sakura Exchange Bitcoin has started as Binance Japan, according to a July 31 release by Binance, to comply with local regulations.
The company announced that as of August 1 it was providing spot trading for 34 tokens, with intentions to begin migrating international Binance customers on August 14.
Following the relocation of its operations from China, the crypto exchange’s headquarters were also located in Japan, where Changpeng Zhao, the CEO of Binance, had previously resided.
However, in response to cautions from Japanese financial regulators over its licensing, Binance moved to Malta in 2018. In a letter to Binance in June 2021, the Japanese Financial Services Agency (FSA) cautioned the exchange to conduct business in the nation with a permit.
A representative said the company did not “hold exchange operations” or “actively solicit Japanese users” at the time. In November 2022, Binance purchased Bitcoin from Sakura Exchange, indicating the company intended to reenter the Japanese cryptocurrency market within the necessary regulatory framework.
The corporation cited the Japanese digital asset market’s growing interest in blockchain, claiming that the action was intended to “bolster” its development.
Fumio Kishida, the prime minister of Japan, has supported the government’s initiatives to encourage Web3 developments in his nation. However, other cryptocurrency exchanges, like Kraken and Coinbase, decided to cease operations in Japan due to market conditions.
