Binance’s Japanese subsidiary is reportedly gearing up to introduce additional digital currencies to its trading services, aiming to further enrich its platform’s cryptocurrency offerings. The cryptocurrency giant made its re-entry into Japan this summer after a hiatus since 2018, driven by regulatory challenges.
According to a recent report by Bloomberg, Binance Japan is poised to expand its supported cryptocurrency roster to a total of 100. Tsuyoshi Chino, a representative from the firm, highlighted their commitment to ensuring liquidity and implementing best market practices by collaborating with other Japanese exchanges. Chino also expressed optimism that local regulatory bodies will establish a comprehensive framework that nurtures a conducive environment for the cryptocurrency industry to flourish, stating, “I feel that there is a clear intention to create a foreseeable situation with well-developed regulations and to allow business to take place in that environment.”
Binance’s return to the Japanese market was orchestrated through its acquisition of Sakura Exchange BitCoin (SEBC) in November of the previous year, marking its reentry after departing in 2018 due to regulatory hurdles. This strategic move enabled Binance Japan to reintroduce crypto services, offering a diverse range of digital assets, including major cryptocurrencies like Bitcoin (BTC), Ethereum (ETH), Binance Coin (BNB), Cardano (ADA), Dogecoin (DOGE), Polygon (MATIC), Litecoin (LTC), among others. Notably, Binance Japan’s selection represents the most extensive variety of tokens provided by any crypto exchange in the nation.
To align with evolving compliance requirements, clients were given until mid-August to adhere to the newly implemented Know Your Customer (KYC) rules to participate in the platform’s offerings. Binance Japan’s expansion of supported cryptocurrencies is positioned as a strategic effort to contribute to liquidity and uphold industry best practices, signaling the company’s determination to navigate the evolving regulatory landscape while fostering a thriving digital currency environment.
