According to a press release from the company’s Japanese affiliate dated August 1, Binance has created a localised platform specifically for the onboarding of users in Japan.
According to the exchange, all current Binance global platform users in Japan will have access to the new platform by August 14.
Binance announced in November 2022 that it has acquired SAKURA Exchange Bitcoin, Inc. (SEBC), a cryptocurrency exchange operating in Japan. The Financial Services Agency (FSA) of Japan oversees SEBC, one of the country’s main exchanges.
Binance Japan, formerly known as SEBC, aims to create a thriving Web3 environment in Japan. The press release states that Binance Japan will offer 34 digital assets, some of which are very well-known cryptocurrencies.
Among these assets, Binance’s BNB stands out since it is being traded for the first time in the nation. Since BNB has been classified as a security by the SEC, it faces stricter regulation in the United States.
The debut of Binance in Japan is a major boon for the troubled exchange, which has been experiencing increasing regulatory difficulties in a number of different countries in recent months.
When compared to other nations, Japan’s crypto rules are among the most stringent. Customers’ cash was protected from the parent company’s insolvency because of the regulatory structure in place for FTX Japan.
Binance has had trouble obtaining the necessary licences in a number of countries, including the Netherlands, Cyprus, Germany, and the United Kingdom, among others.
As a result of these setbacks, its once-dominant market share has shrunk to 50%, down from 64% earlier this year, as reported by Kaiko Data, a blockchain analytics business.
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