Binance Japan Debuts For Local Users

  • Binance Japan will offer 34 cryptocurrencies for spot trading at launch including BNB, the largest basket of options in the country.
  • Users with accounts on the global exchange can apply for migration from August 14.
  • Trading for migrated customers will open on December 1, the company’s official announcement said.
  • The crypto exchange returns to Japan after regulatory warnings in 2021 and 2018.

In a strategic move to seize opportunities in the Asian market, Binance, one of the world’s leading digital asset exchanges, has officially launched a cryptocurrency trading platform in Japan that fully complies with local regulations.

The platform launched on Tuesday with 34 cryptos available for spot trading, the largest digital asset assortment of any crypto exchange in Japan. BNB, Binance’s native exchange token, is among the tokens offered. This marks the first time crypto users in Japan can trade BNB.

Japanese crypto users will be able to sign up for accounts starting today while existing users with accounts on Binance’s global exchange have the option to migrate to Binance Japan by August 14. Migrating users will be able to use the new exchange from December 1, the company said.

August 1 marks the crypto exchange’s return to Japan after cameos in 2018 and regulatory skirmishes in 2021. At the time, Japan’s Financial Services Agency (FSA) warned Changpeng Zhao’s exchange to cease operating without a license.

CZ’s company said the exchange did not solicit Japanese customers or offer its services to local users.

Binance Secures Dubai License

The leading crypto exchange was recently issued an operational minimum viable product (MVP) license from Dubai’s Virtual Assets Regulatory Authority (VARA). Binance FZE, the company’s Dubai subsidiary, became the first crypto exchange in the region to receive such a license.

While the crypto exchange solidifies its foothold in Asia and the Middle East, the company’s European affairs are another matter. The De Nederlandsche Bank (DNB) booted Binance from the Dutch market after the company failed to register.

The company is also winding down its services in Belgium, Cyprus, and the United Kingdom.