Binance Japan Plans To Offer 100 Crypto Tokens Soon

By 10 months ago
  • Binance’s Japanese unit is planning to nearly triple the number of crypto tokens listed on its platform.
  • The Japanese crypto exchange announced that it will soon offer 100 crypto assets for trading.
  • The exchange plans to collaborate with local exchanges and market makers to secure liquidity.
  • Binance Japan is also planning to register the firm in order to broker the transactions of fiat-backed stablecoins.

Binance Japan is reportedly planning to triple the number of crypto assets offered on its trading platform. The Japanese unit of the world’s largest crypto exchange plans to increase the number of crypto tokens listed on its platform from 34 to 100 soon. The announcement comes less than a month after the crypto exchange began operations in Japan. 

Binance Japan To Collaborate With Local Exchanges For Liquidity

In a business briefing earlier today, Binance Japan announced that it would soon offer 100 crypto assets to its users. Per a report by Bloomberg, the Japanese crypto exchange will select the new crypto tokens from over 350 potential crypto projects. The exchange is also seeking a Japanese crypto token to support on its newly launched platform. 

Tsuyoshi Chino, the General Manager of Binance Japan, told Bloomberg that he is actively looking to work on something that will be “the first project handled in Japan.” Chino added that in order to be able to offer the additional crypto assets, his exchange would have to secure liquidity. This would reportedly require collaboration with local crypto exchanges and market makers. 

Chino stated that he was optimistic about the current regulatory environment for crypto assets in Japan. According to him, Prime Minister Fumio Kishida’s web3-inclusive growth strategy, along with a new concept of the internet that leverages blockchain technology, were positive indicators for the future of crypto in the country.

I feel a clear desire to establish a foreseeable situation and allow businesses to do business there, after properly developing regulations.” 

Tsuyoshi Chino, General Manager at Binance Japan

Binance’s Japanese unit is also planning to register the company in order to be able to offer brokering of fiat-backed stablecoin transactions. The crypto exchange went live earlier this month, offering a selection of 34 tokens for spot trading. This was seven months after the crypto giant acquired Sakura Exchange BitCoin (SEBC), a Japanese-registered crypto exchange service provider.

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Aditya Anand