Binance continues its efforts for a crypto platform in Japan that will fully comply with local regulations.
Binance is dealing with local regulations for the crypto trading platform it wants to open in Japan. The company has stepped up its efforts to comply with all local regulations.
Binance rolls up its sleeves for a crypto platform in Japan that will comply with local regulations
Binance is making a new effort to launch a crypto trading platform in Japan that fully complies with local regulations. The platform was launched on Tuesday and will allow Japanese residents to apply for accounts from mid-August. By November 30, their access to Binance’s global platform will expire and they will be able to start trading on the new platform on December 1.
Japan is trying to support blockchain-based industries and while it has taken some steps towards easing crypto rules, it is generally seen as a country with strict digital asset regulations. Binance has made efforts in the past to apply for a license to operate in Japan, but these attempts led to an official notice and were stopped.
Binance continues to face regulatory pressures around the world, particularly in major jurisdictions such as the US and Europe. This appears to have negatively impacted the platform’s share of global spot crypto trading volume. That’s why Binance is looking to expand its footprint in Asian countries, particularly South Korea, Thailand, and now Japan, by focusing on opportunities in Asia.
Customers of Binance’s Japan platform will have access to 34 different tokens, more than any other exchange in the country. This means that Japan will offer a wider range of options to the crypto market. However, Binance’s operations in Japan will have to adapt to succeed in the country’s strict regulatory environment and strive to compete in Japan’s crypto market.
