Binance revealed that it is finally ready to roll out its full services on its recently launched subsidiary platform in Japan.
The confirmation came from the exchange’s founder, Changpeng Zhao, during a conference in Tokyo earlier today, which he attended via video.
Zhao said that the services will be fully available from August 2023.
Binance to Implement Full Services of Its New Japan-Based Platform
At the end of May 2023, Binance announced a new platform in Japan. The platform complied with local regulations and was designed to serve Japanese users.
However, the exchange also said that it would take some time before it could launch its full services in the country.
The company was able to enter the Japanese market thanks to the purchase of Sakura Exchange BitCoin in November 2022.
Acquisitions like this have been common practice for companies to enter new markets.
Sakura Exchange BitCoin provided Binance with a market entry point, and the exchange took it.
The expansion into Japan represents the next step on Binance’s journey towards expanding its presence in Asia.
The company has made similar moves to enter markets like Thailand and South Korea.
However, at the same time, the exchange has also faced intense regulatory scrutiny in numerous countries, especially in the West.
The exchange saw a lawsuit in the US in early June, along with Coinbase. The Netherlands and Belgium have also closed their doors to the platform.
Even Germany, the largest economy in Europe, did not provide the exchange with a license to operate so far.
Meanwhile, in France, local prosecutors raided the exchange house as part of an investigation into money laundering controls.
Binance will try to launch a stablecoin in Japan
With the trade struggling in the West, he stepped up efforts to secure a foothold in the East.
chinese takeshithe general manager of the exchange in Japan, revealed at the conference that Binance may also start a stablecoin in Japan.
Launching a stablecoin in Japan is no longer as easy as launching in other parts of the world. The country introduced a stablecoin law which entered into force on June 1, 2023.
According to the law, only banks licensed in Japan, registered money transfer agents, and trust companies can issue stablecoins.
Richard Teng, who is considered by many to be Zhao’s heir apparent, also attended the conference.
Teng serves as head of regional markets at Binance, and during the event, he said there were signs that traditional financial players had developed a greater interest in cryptocurrencies.
