As of August 1, the Japan-based cryptocurrency exchange offered spot trading for 34 tokens, and as of August 14, it planned to move all global Binance users.
Approximately two years after being issued a warning by the nation’s financial regulator, major cryptocurrency exchange Binance announced the opening of a Japan-based branch.
In order to comply with Japanese regulations, local crypto exchange Sakura Exchange Bitcoin started as Binance Japan on August 1. The startup announced spot trading for 34 tokens on Aug. 1 and expects to migrate worldwide Binance users on Aug. 14.
After leaving China, Binance’s headquarters was in Japan, where CEO Changpeng Zhao lived. In 2018, Binance moved to Malta when Japanese banking officials questioned its licensing.
In June 2021, Binance received a letter from Japan’s Financial Services Agency (FSA) advising it against operating without a license. The firm does not “hold exchange operations” or “actively solicit Japanese users,” a representative informed Cointelegraph.
In November 2022, Binance bought Sakura Exchange Bitcoin, hinting it aimed to penetrate the Japanese crypto industry under regulation. The corporation stated it was “bolstering the development of the Japanese digital-asset market,” citing its rising interest in blockchain.
Japanese Prime Minister Fumio Kishida supports the government’s Web3 promotion efforts. Kraken and Coinbase, citing market conditions, announced they would close their Japan operations.