Binance is making a strategic return to the Japanese market with the launch of a dedicated platform designed specifically for local customers. This move comes after five years of absence. The exchange closed its operations in Japan back in 2018 after it failed to win over the regulators.
Binance’s re-entry into Japan was facilitated by its acquisition of Sakura Exchange BitCoin (SEBC) in November 2022. Since then, the company has actively engaged with various stakeholders and industry associations to ensure a smoother reception this time around.
As part of the acquisition, SEBCceased operations in May 2023, and has been rebranded as Binance Japan K.K.
The new platform, which launches on August 1, 2023, will initially offer spot trading and Earn products, featuring 34 tokens, including popular cryptocurrencies like Bitcoin, Ether, XRP, Matic, Algo, and Doge. The exchange also noted that it has plans to expand its services to include derivatives.
New users in Japan will gain exclusive access to the platform starting from the launch date. Meanwhile, Binance hopes to streamline the transition of existing users to the new platform and ensure continuity of services.
Existing Japanese users of Binance’s global platform, binance.com, will receive a separate notice after August 14, 2023, to initiate the migration process. To ensure a seamless transition, Binance will provide email updates on completing the new Know Your Customer (KYC) process. Users who complete the KYC for migration will be able to access the new local platform beginning December 1, 2023.
By establishing a dedicated platform for Japanese users, Binance aims to play a significant role in Japan’s ambitious Web3 initiatives.
According to the exchange’s announcement:
“The launch of a new platform dedicated to Japan residents serves as a major step forward for Binance toward its mission to build a sustainable Web3 ecosystem in Japan.”
Binance’s senior management will be pleased about developments in Japan, especially after recent exits from the U.K. and the Netherlands and the withdrawal of its license application in Germany due to regulatory challenges.
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