Cryptocurrency exchange Binance has announced that it is ready to offer its full services on its newly established Japanese subsidiary platform.

The confirmation came from the exchange's founder, Changpeng Zhao, who attended via video at a conference held in Tokyo today.

The services will be fully available from August 2023, Zhao said.

Binance is preparing to roll out all services of its new Japan-based platform

Binance announced a new platform in Japan in late May 2023. The platform is designed to comply with local regulations and aims to serve Japanese users.

However, the exchange also stated that some time will pass before it launches all its services in the country.

The company was able to enter the Japanese market thanks to its acquisition of Sakura Exchange BitCoin in November 2022.

Such acquisitions have been a common practice for companies to enter new markets.

Expansion into Japan represents the next step towards expanding Binance's operations in Asia.

The company has made similar moves to enter markets such as Thailand and South Korea.

But the stock market has also faced intense regulatory scrutiny in many countries, especially in the West.

The exchange was hit with a lawsuit in the US along with Coinbase in early June. The Netherlands and Belgium also closed their doors to the platform.

Even Germany, Europe's largest economy, has not yet granted an operating license to the exchange.

In France, local prosecutors searched the stock exchange's office as part of an investigation into money laundering controls.

Binance will try to launch a stablecoin in Japan

As the stock market struggled in the West, it stepped up efforts to gain a foothold in the East.

The exchange's Managing Director for Japan, Takeshi Chino, also revealed at the conference that Binance may launch a stablecoin in Japan.

Launching a stablecoin in Japan is now more difficult than doing so in other parts of the world. The country passed a stablecoin law that comes into force on June 1, 2023.

By law, only Japan's licensed banks, registered money transfer agents and trusted companies can issue stablecoins.

Richard Teng, considered by many to be Zhao's heir, also attended the conference.

Teng leads regional markets at Binance and said during the event that there are signs that traditional financial players are developing stronger interest in cryptocurrencies.

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