Binance Japan Co., Ltd., a subsidiary of the renowned cryptocurrency exchange Binance Holdings, has revealed the specifics of its upcoming cryptocurrency exchange service scheduled to launch in August. The company also disclosed a list of virtual currencies that will be available for trading from day one, marking a significant milestone in the Japanese cryptocurrency market. One of the notable highlights is the introduction of Binance’s exchange token “Build and Build (BNB)” for the first time in Japan.
The initial services offered by Binance Japan include a “spot trading” that facilitates transactions between users on a board, and a cryptocurrency exchange with real-time single selling prices resembling a vending machine for quick conversions of assets. However, the company has confirmed that it will not provide leveraged trading options, as such services necessitate obtaining a “Type 1 Financial Instruments Business” license with stringent standards in Japan.
Binance Japan boasts an impressive repertoire of 34 tokens, surpassing its domestic rivals such as Bitbank (30 tokens), GMO Coin (26 tokens), and Coincheck (22 tokens). This vast array of offerings positions Binance Japan to emerge as the top domestic exchange in terms of the number of assets handled upon its launch.
The focal point of interest for many users will be the listing of Binance’s native token, “Build and Build (BNB),” which holds utility on the Binance exchange. This debut in the Japanese market is anticipated to draw experienced traders, especially considering the inclusion of DeFi and Web3 stocks that have cashing potential. Among the listed tokens are Solana (SOL), Astar (ASTR), Avalanche (AVAX), Jasmy (JASMY), Axie (AXS), and more.
While these listed tokens cater to experienced traders, Binance Japan is also exploring domestic unlisted assets that are not currently available on other exchanges. However, these potential additions have not been officially announced yet and may be under consideration or in preparation.
Additionally, Binance Japan seeks to offer further value to its users through services like “Simple Earn” and an “NFT Marketplace,” enabling users to deposit their crypto assets and earn interest in the form of crypto assets. To cater to investors and traders, the platform will feature “auto-invest” and “API connectivity” functionalities, addressing the diverse needs of its clientele.
Changpeng Zhao (CZ), CEO of Binance Holdings, reaffirmed his commitment to the Japanese market by delivering a video message at the WebX conference hosted by CoinPost Co., Ltd. on July 25th. During the message, he announced that Binance Japan’s full-service offerings would be available from August, further solidifying the company’s position in the Japanese cryptocurrency landscape.
The acquisition of Sakura Exchange Bitcoin Co., Ltd. (SEBC) by Binance in November 2022 marked a crucial step in the company’s expansion plans. SEBC, an exchange registered with the Financial Services Agency, transitioned to a new management system after the transfer of all shares to Binance Holdings.
With the upcoming launch of Binance Japan’s comprehensive crypto exchange service and the introduction of the BNB token to the Japanese market, cryptocurrency enthusiasts in the country can look forward to an exciting and competitive trading landscape that will provide a wide range of options and opportunities for both newcomers and experienced traders alike.
Source: https://azcoinnews.com/binance-japan-unveils-service-details-and-boasts-largest-selection-of-34-tokens-in-the-country.html