Despite struggling with regulatory challenges that have seen it delist several high-end tokens, Binance has pledged to triple its crypto asset count up to 100 on its Japanese subsidiary platform.
Binance Japan To Increase Number Of Listed Tokens To 100
Binance Japan, a prominent Japanese subsidiary of Binance Exchange, has made a surprising announcement in line with the company’s growth strategy. Binance Japan General Manager, Takeshita Chino revealed in a statement on August 30 that the exchange plans to increase the number of cryptocurrencies listed on its platform to 100.
Binance Japan also stated plans to collaborate with local cryptocurrency exchanges within the country to provide better liquidity to the exchange’s users.
The crypto exchange said that it is hopeful that local regulatory authorities would provide support to the growth and adoption of cryptocurrencies in Japan by constructing and enforcing a favorable regulatory framework for crypto assets.
Previously, Binance Japan offered users in the region access to 34 tokens for spot trading. Nevertheless, the crypto exchange’s expansion into Japanese markets marked a significant step toward a broader crypto adoption while also solidifying its position as the largest crypto exchange in the world. This comes despite regulatory turmoils and lawsuits threatening its reputation and pushing its native token, BNB price downwards.
Chino also expressed his vision for the exchange in the Asian country, stating that with better regulatory frameworks and innovative solutions, Binance’s crypto operations are sure to thrive and succeed in Japan.
The exchange is expected to offer local users access to a wide range of crypto products and services including Spot trading and Earn products.
“I feel that there is a clear intention to create a foreseeable situation with well-developed regulations and to allow business to take place in that environment,” Chino stated.
Aggressively Pushing For Global Expansion
In November 2022, Binance made its first move to expand into Japanese crypto markets through the purchase of Sakura Exchange BitCoin (SEBC), a Tokyo-based crypto exchange. Later, the remaining services of SEBC were terminated and its name changed to Binance Japan.
Japan currently has a strict regulatory requirement for cryptocurrency assets. Financial regulators in the country had previously issued a warning to Binance, stating that the crypto exchange was operating without authorization.
Despite warnings, the exchange remained unfazed and responded to the public by saying it was in productive interaction with the regulators to come to a mutual understanding. Now the crypto exchange is offering its services to Japanese customers after complying with the country’s regulatory conditions.
A few days ago, Binance made an official announcement to expand into Latin American markets by providing its crypto-to-cash payment service to nine countries within the region.
The crypto exchange is also, however, considering an exit from Russian markets after launching its payment technology, Binance Pay in Brazil.
Due to its regulatory hurdles, the exchange has lost a couple of partnerships from prominent payment platforms like Checkout.com and plans to delist nine cryptocurrency trading pairs from its platform from September 9.
The crypto exchange has expanded to crypto-friendly markets like El Salvador, gaining multiple licenses and offering crypto services and products to locals within the country. It has also stated plans to develop and launch a Japanese yen-based stablecoin for Binance users in Japan.
BNB holds $224 as exchange moves into Japan | Source: BNBUSDT on Tradingview.com
Featured image from Unsplash, chart from Tradingview.com