Embattled crypto exchange Binance’s Japanese subsidiary launched a dedicated platform to onboard new customers in the Asian country, according to an Aug. 1 press statement.
The exchange stated that existing Japanese users of its Binance global platform would be able to access the new platform by Aug. 14.
Binance said it entered the Japanese market by acquiring local crypto platform SAKURA Exchange Bitcoin, Inc. (SEBC) in November 2022. SEBC is one of the largest exchanges in Japan and is regulated by the country’s Financial Services Agency (FSA),
SEBC has been renamed Binance Japan, and its goal is to build a sustainable Web3 ecosystem in the Asian country.
Binance Japan to list BNB and 33 other assets.
Per the press statement, Binance Japan will list 34 digital assets, including popular crypto assets like Bitcoin (BTC), Ethereum (ETH), Dogecoin (DOGE), and others, on the platform.
The most notable inclusion among these assets is Binance’s BNB which is making its trading debut in the country. BNB faces regulatory challenges in the U.S., where the Securities and Exchange Commission (SEC) labeled it a security.
Meanwhile, services on the Binance Japan platform include spot trading, Earn products, and an NFT Marketplace. The exchange would not provide derivatives trading services for retailers.
Global regulatory struggles
Binance Japan launch provides a pivotal boost for the embattled exchange’s business, which has faced heightened regulatory troubles across multiple jurisdictions in recent months.
Japan is one of the few countries that has maintained strict crypto regulations. The regulatory framework was crucial in safeguarding FTX Japan customers’ funds from the parent company’s bankruptcy.
However, Binance has struggled to obtain appropriate licenses in several countries, forcing it to exit places like the Netherlands, Cyprus, Germany, and the U.K.
These struggles have negatively impacted its market dominance, with its spot market share falling to 50% from 64% earlier this year, according to blockchain analytical firm Kaiko data.
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