Despite facing regulatory challenges in the United States and some parts of Europe, the world’s largest crypto exchange looks forward to a promising turn of events in Japan. After returning to the Asian crypto scene this month, Binance has expressed its determination to solidify its market position further.
Binance Japan Targets 100 Listed Tokens
Binance Japan is actively working to expand its portfolio of tradable assets, intending to increase its current amount from 34 to 100. The information gained additional traction after Binance’s CEO, Changpeng Zhao, retweeted it on his official Twitter handle.
The recent move demonstrates Binance Japan’s unwavering commitment to improving its users’ trading experiences. This strategic decision reflects the company’s commitment to facilitating diverse investment opportunities and catering to the cryptocurrency market’s evolving needs.
Tsuyoshi Chino, the General Manager of Binance Japan, revealed the exchange’s strategy during an online briefing. Chino stated that the company plans to diversify its supported assets roster.
This expansion will involve carefully selecting assets traded on the global exchange and those within the Japanese borders. If this venture is successful, the number of assets listed by Binance Japan will increase by 3-fold and strengthen the exchange’s competitive advantage in the country.
Currently, the platform has 34 listed crypto assets on its roster, more than any other Japanese exchange. To ensure the success of this expansion, the executive stated that the company is in active discussions with market makers to ensure sufficient liquidity for these upcoming assets.
However, Chino did not provide a specific timeline for these new listings but stated that the process would unfold gradually under Japan’s regulatory guidelines. Meanwhile, the company’s vision for Japan, as highlighted by Chino, extends beyond increasing the number of its listed assets.
Binance Japan has also hinted at its desire to connect with the traditional financial sector to adopt Yen stablecoins in digital transactions, among other mutually beneficial discussions.
Partnering With Banks To Issue Stablecoins
Since stablecoin issuance is limited to Japanese financial entities such as banks and trust funds, the exchange’s General Manager desires to form strategic partnerships with the necessary financial organizations. This collaboration aims to make it easier to create stablecoins for trading against other digital assets and enabling seamless payments across the country.
Chino stated in a recent interview that Binance is actively exploring making a move at novel trading offerings. Among these initiatives are possible collaborations with brokerage firms to launch a crypto-based exchange-traded fund (ETF) into the market.
Binance was subjected to regulatory scrutiny by Japanese authorities in 2021 for allegedly conducting operations without official approval. The company’s resurgence in the Japanese market was facilitated by its November 2022 acquisition of Sakura Exchange BitCoin (SEBC), which enabled its return to the Asian crypto landscape.
The exchange already controls a large part of the Japanese crypto market and aims to leverage this by increasing the number of its listed asset offerings. At the time of writing, Binance Japan offers spot trading services, a simple crypto earn product, and a non-fungible token (NFT) marketplace.
Binance continues to expand its services globally regardless of regulatory scrutiny. Fresh reports indicate that the crypto firm has obtained an operational license in Poland.
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