Binance Japan, the popular cryptocurrency exchange, is set to boost its offering by supporting a total of 100 cryptocurrencies. In a recent report, it is revealed that the platform is planning to expand its services by adding more digital currencies to its portfolio. This move could potentially attract more users and traders who have been looking for a wider range of options in the crypto market. With Binance’s growing influence in the industry, the addition of these new coins could have a significant impact on the market as a whole.
The Expansion of Binance Japan’s Trading Services
The Japanese subsidiary of Binance is set to offer trading services with a broader range of digital currencies in the near future. After exiting the Japanese market in 2018 due to regulatory issues, the crypto giant has made a triumphant return this year.
Increased Cryptocurrency Support
Binance Japan plans to expand its platform’s supported cryptocurrencies to a staggering 100, according to a recent Bloomberg report. This move aims to enhance liquidity and implement best market practices. The company will also collaborate with other Japanese exchanges to achieve these objectives.
“I feel that there is a clear intention to create a foreseeable situation with well-developed regulations and to allow business to take place in that environment,” said Tsuyoshi Chino, a representative at Binance Japan.
Re-Entry into the Japanese Market
Binance’s comeback in Japan was initiated by its acquisition of Sakura Exchange BitCoin (SEBC) in November of the previous year. This strategic move enabled the Japanese arm of the trading venue to resume offering crypto services after a five-year hiatus caused by regulatory challenges.
Initially, Binance Japan supported 34 digital assets, including popular cryptocurrencies such as Bitcoin (BTC), Ethereum (ETH), Binance Coin (BNB), Cardano (ADA), Dogecoin (DOGE), Polygon (MATIC), and Litecoin (LTC), among others. Notably, this range of tokens is the largest offered by any crypto exchange in the country. To comply with the new Know Your Customer (KYC) rules, clients had until mid-August to register on the platform.
The Future of the Japanese Cryptocurrency Market
The expansion of Binance Japan’s trading services and the collaboration with other local exchanges signify a positive outlook for the Japanese cryptocurrency industry. Tsuyoshi Chino hopes that the local authorities will establish a comprehensive regulatory framework that will foster a thriving environment for businesses.