Binance Launches New Platform in Japan with 34 Tokens
Binance exchange has recently made an important comeback in Japanese markets after two years. The firm managed to re-enter one of the EU nations on account of its acquisition of the Sakura Exchange.
To this effect, the crypto trading platform has listed 34 cryptocurrencies for the consumers of the nation. With this latest chain, Binance has become the largest exchange platform in the region in terms of token diversification.
BNB is one of the most prominent tokens included in the Japanese listing. Other noteworthy cryptocurrencies added to the Japanese wing of Binance are namely Bitcoin, Ethereum, ADA, Algorand, Atom, Avalanche, Solana, and Dogecoin.
At the beginning of its journey, Japanese Binance is set to offer spot trading, yield earning, and NFT trading options for its consumers. The blog post for Binance has claimed that cryptocurrency trading and demand in the region are going to increase.
Web3 Development and Growth in Japan
It is important to note that the Japanese government has expressed interest in the growth and development of the local Web3 sector. Binance has maintained in its latest blog post that its presence in the country is going to pave the way for advancement in the Web3 sector.
Two years ago, Binance exited Japanese territory on account of a clash with the local regulators regarding registration compliance. However, Binance completed the acquisition of Sakura Exchange BitCoin in the country that is a regulated entity in Japan.
The crypto exchange platform has now rebranded Sakura Exchange as Binance Japan Inc. The re-entry into the Japanese market is a big victory for the exchange platform. In many jurisdictions, Binance is facing regulatory pushback. On the other hand, Binance has also folded operations in various EU nations.
Binance lost its trading license in Germany in July of this year. The banking partners for the European region also terminated their service contract. Meanwhile, Binance is facing charges in America from the Securities and Exchange Commission.
Binance Gets Trading License in Dubai
Binance received a preparatory license from regulators in Dubai in September 2022. The crypto trading platform has now completed the pre-condition to qualify for a permanent trading license.
The firm announced on Monday that it is graduating from Minimal Viable Product (MVP) to an operational MVP license. It means that the firm has become a regulated virtual asset trading entity in Dubai under Virtual Assets Regulatory Authority (VARA).
Binance has updated that out of four licensing stages, it has completed three. The last license Binance has its eye set is Full Market Product (FMP). The cryptocurrency exchange started by qualifying for a Provisional license in 2022. With its operational MVP license, Binance can now access authorized services such as offering crypto to fiat swaps per FATF complaint VARA standards.
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