Bolstering its reentry, Binance Japan will feature 34 tokens, including Bitcoin [BTC], ETC, DOT, QTUM, ALGO, Ethereum [ETH], Cardano [ADA], etc. Most importantly, BNB, the exchange’s native coin, will now be listed for the first time in the country, according to leading media outlet Coinpost.
The announcement of 34 cryptocurrency brands is a strategic maneuver intended to edge out local competition since the number of tokens supported exceeds those of its three main domestic rivals: Bitbank [30 brands], GMO Coin [26 brands], and Coincheck [22 brands]. Therefore, it is expected to be the top domestic exchange in terms of the number of issues handled at the time of launch.
Slated to launch in August, the Japan subsidiary is striving hard to stamp itself as a major player by offering a wide array of services. These include a “cryptocurrency exchange [spot trading]” that matches transactions between users on a board, and a “cryptocurrency exchange” that displays a single selling price in real-time like a vending machine.
The largest cryptocurrency exchange by trading volume, Binance, returned to Japan two years after the Financial Services Agency (FSA) warned it that it was operating illegally. Coinbase [COIN] and Kraken, two rival crypto exchanges, withdrew from Japan in recent months, claiming “market conditions” as the cause.
Binance Acquired SEBC
The re-entry was made possible by Binance’s November 2022 acquisition of Sakura Exchange BitCoin [SEBC], a licensed cryptocurrency exchange. A new service called “Binance Japan” will be introduced on May 31 in place of the current SEBC services, which will be discontinued, it was announced at the time.
Just the other day, the CZ-led platform gained a major foothold after its Dubai subsidiary, Binance FZE, became the first crypto exchange in the world to secure an Operational MVP License from Dubai’s Virtual Assets Regulatory Authority [VARA], initially for institutional and qualified retail investors.
Following Binance’s successful acquisition of a provisional MVP license in March 2022 and a preliminary MVP license in September of the same year, the issuance of the operational MVP permit is viewed as a noteworthy accomplishment.