Binance Japan has unveiled its strategy encompassing a widespread adoption of Web3 technology and a focus on stablecoins. According to an online business press briefing hosted by the company, Binance Japan plans to handle up to 100 crypto assets in the region.
Tsuyoshi Chino, the company’s representative, emphasized in a report by CoinPost the intent to expand beyond traditional cryptocurrency exchange services by collaborating with Japanese enterprises and governmental bodies. This step will be facilitated through the integration of stablecoins by the exchange.
Binance Japan Eyes More Tokens
Currently, Binance Japan’s services primarily encompass cryptocurrency spot trading and 'Simple Earn' cryptocurrency lending. While leverage (margin) trading is not currently offered, the exchange is planning to introduce futures trading, bringing it on par with its global entity upon obtaining the necessary license as a ‘Type 1’ financial instruments business provider.
Binance Global’s operations include multiple services, such as staking, Launchpad investment platform, and NFT marketplace. While the specific timelines for introducing these services remain unspecified, Chino confirmed the gradual integration of such offerings per Japan’s regulations.
Central to Binance Japan’s expansion is its plans to handle a diverse portfolio of stocks. With the global Binance platform supporting over 350 stocks, the Japanese counterpart’s aspiration is to handle 100 stocks, selectively chosen to reflect the unique preferences of the local market.
Chino emphasized that the maturity of the project’s ecosystem and the size of the community are important factors in driving the selection of the assets to be listed on the exchange. Additionally, Binance Japan plans to extend collaboration with other Japanese exchanges to foster an environment conducive to share stock screening initiatives.
Market Re-entry and Strategic Acquisition
At the beginning of the month, Binance Japan resumed services in the Japanese market, initially listing 34 tokens. Notably, the exchange offering positioned Binance Japan as the largest crypto exchange in Japan in terms of listed tokens, Finance Magnates reported. In comparison, Bitbank, GMO Coin, and Coincheck all offer 30, 26, and 22 tokens respectively.
Furthermore, Binance Japan plans to introduce stablecoins. The recent bill recognizing digital assets in Japan allows licensed banks, registered money transfer agencies, and trust companies to issue stablecoins.
Binance’s journey back to Japan began last year when it obtained a 100% stake in Sakura Exchange BitCoin (SEBC), a digital service provider registered under the Japanese Financial Services Agency (JFSA). Binance’s influence is not confined to Japan alone in the Asian market. The company invested in the South Korean crypto platform, GOPAX in February.
