Binance triples listed token in Japan to 100 crypto assets
Binance Japan, the Japanese branch of the world’s largest cryptocurrency exchange, is set to expand its listed tokens with additional digital currencies in the near future.
After recently launching full services in Japan, the platform aims to present a minimum of 100 tokens, which is about three times its current selection.
The General Manager of Binance Japan, Tsuyoshi Chino, highlighted in an online briefing the intention to curate a diverse range of tokens. He added, “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. In addition to selecting promising currencies from among the more than 350 stocks we handle globally, we independently discover and offer unique domestic currencies.”
Currently, Binance Japan lists 34 tokens, including major cryptocurrencies such as Bitcoin (BTC), Ethereum (ETH), Binance Coin (BNB), Cardano (ADA), Dogecoin (DOGE), Polygon (MATIC), Litecoin (LTC), and more. This selection stands as the most extensive token offering among all crypto exchanges in Japan.
Additionally, Japanese users will gain access to other services including spot trading, Earn products and its NFT marketplace. To achieve these goals, Binance Japan plans to collaborate with market makers and relevant entities.
The new platform will not offer derivative trading and so called “leveraged token” for its customers in Japan. However, Binance aims to work hand in hand with regulatory authorities to meet the necessary requirements and offer derivatives services in a manner that aligns with regulatory standards.
Meanwhile, Binance’s global version will no longer accept new derivative accounts from users in Japan. Local residents who are using the global platform will not be able to open or increase options positions and any pending orders will be canceled.
Furthermore, as part of the transition process, Binance will gradually limit the functionality of the global exchange for Japanese users leading up to December 1. After this date, Japanese users who have not completed their Know Your Customer (KYC) verification will only be able to withdraw their assets from the global platform.
Binance made a fresh bid to enter Japan back in November 2022 with the acquisition of Japanese-registered crypto exchange service provider Sakura Exchange BitCoin (SEBC). The financial terms of the transaction were not disclosed.