Binance Japan begins onboarding customers

Binance Japan, a subsidiary of Binance, has launched a new platform in the East Asian country and started to onboard new customers.

Following the launch of this dedicated platform, Japan-based customers who already have a global Binance account will receive a notification that advises them to proceed with the migration process after 14 August 2023. In November 2022, Binance acquired Sakura Exchange BitCoin (SEBC), which was a licensed crypto exchange service provider. Binance’s goal was to enter the Japanese market and work with relevant stakeholders and industry associations to prepare to build the Web3 ecosystem in Japan in a fully compliant way. 

At the time, Binance officials highlighted for the company’s blog that, as far as cryptocurrency adoption is concerned, the Japanese market has an important role to play, particularly in the context of its highly developed tech ecosystem that prepares it for a strong blockchain uptake. 

The launch of this new platform represents a step forward in Binance’s plans to build a sustainable Web3 ecosystem in Japan. It’s also worth noting that SEBC has changed its business name from SAKURA Exchange BitCoin, Inc. (SEBC) to Binance Japan Inc.

What kind of services are provided?

At the time of launch, Japanese customers will be able to access services such as spot trading, earn products, and an NFT marketplace. According to the official press release, in order to improve and expand its service offerings in Japan, Binance is committed to providing derivatives services in a locally compliant manner in the future. 

With spot trading, the company is introducing 34 tokens to its customers in Japan as a first step, including BNB (Build and Build), which will be a first for the Japanese crypto market. 

News of Binance’s plans to launch a new platform in Japan surfaced in July 2023, when the company’s founder Changpeng Zhao, talked about the company’s plans for the future. Binance representative also revealed their plans to launch stablecoins in Japan. This particular reveal came in the context of newly introduced regulation in Japan, which allows the country’s licenced banks, registered money transfer agents and trust companies to issue the tokens. 

According to Bloomberg, Binance has made some efforts to expand into Asia recently, including in South Korea and Thailand. The company also launched a regulated digital asset platform in Kazakhstan as part of its global expansion efforts.