Binance, the world’s largest cryptocurrency exchange, has introduced a special platform catered specifically to the Japanese market. Known as Binance Japan, this regulated platform offers initial support for popular cryptocurrencies such as Shiba Inu and XRP.
The announcement was made on Binance’s official website, signaling a significant milestone in Japan’s journey towards Web3 and providing Japanese users with an unparalleled crypto experience. This development caught the attention of renowned Chinese reporter Colin Wu, who shared the news with the wider crypto community.
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Binance Japan aims to provide its users with diverse products and services. Among these offerings are Spot Trading and Earn products, which grant access to Shiba Inu, XRP, and carefully selected tokens. Existing users in Japan who are already registered with Binance’s global platform will receive a separate notice on August 14 regarding the migration process.
The platform allows users to deposit both Japanese yen and cryptocurrencies, while withdrawals in Japanese yen will be available starting from August 20. With the Convert feature, users can swap between 32 different tokens, including Bitcoin (BTC), Ethereum (ETH), Shiba Inu (SHIB), XRP, and Cardano (ADA).
Spot Trading, on the other hand, supports 32 tokens, including all the tokens available in the Convert feature, except for JasmyCoin (JASMY) and NEM (XEM).
It is worth noting that Binance’s American-based sister exchange recently expanded its support for XRP once again after the ruling that clarified XRP security status.
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Binance’s entry into the Japanese market stems from its acquisition of SAKURA Exchange BitCoin (SEBC), a licensed local cryptocurrency exchange service provider. After undergoing a name change, SEBC was transformed into Binance Japan Inc. in November 2022.
According to Binance, the decision to offer regulated exchange services in Japan is driven by the goal of boosting the growth and development of the Japanese digital asset market. With Japan’s reputation as an innovation hub and its increasing interest in blockchain technology, it provides an ideal ground for building a sustainable crypto ecosystem.
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