Binance Aims for Dominance in Japanese Market
Leading cryptocurrency exchange Binance is making strategic moves to establish itself as a dominant player in the Japanese market, despite previous challenges in the region.
In a notable development, Binance acquired the Sakura Exchange Bitcoin trading platform in November 2022, in a move to progressively integrate Sakura users into its platform. This marks Binance’s return to the Japanese market after exiting in 2018 due to the country’s strict crypto laws.
CEO of Binance Japan, Chino Takeshi, expressed optimism about the exchange’s prospects in Japan, affirming that the company aims to expand its services and play a leading role in the spread of cryptoassets in the country.
Expansion and Ambitious Goals
In a significant shift, Binance has announced that it will cease accepting Japanese residents on its global site starting December, with a focus on Binance Japan. The exchange sets an ambitious goal of listing “100 tokens” on its platform, as it attempts to capture the Japanese market by increasing the number of cryptocurrency pairings it offers by 13.
This objective is particularly noteworthy given Japan’s historically stringent token listings policy. The country’s regulatory landscape has undergone a shift in recent months, as Tokyo eases its stance on regulations to foster growth in the crypto and Web3 sectors.
Beyond Japan, Binance is also actively expanding its presence in Thailand through a joint venture called Gulf Binance with Gulf Innova, a division of Gulf Energy Development. The partnership has been approved by the Securities and Exchange Commission (SEC) of Thailand, designating Gulf Binance as a regulated digital asset operator.
The approval sets the stage for the cryptocurrency exchange to soon open in Thailand, with a focus on security and SEC compliance to provide digital asset exchange and broker services for cryptocurrencies and digital tokens.
These strategic moves underscore Binance’s dedication to growing its presence globally and seizing new opportunities in emerging markets.
Featured image from Freepik
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