Binance Japan expands offerings with 13 new tokens
Investing.com | Editor Rachael Rajan
Published Nov 15, 2023 12:46PM ET
Binance Japan, under the leadership of CEO Takeshi Chino, has announced an expansion of its cryptocurrency offerings, adding 13 new tokens to its platform. The move increases the total number of digital assets available on the exchange from 34 to 47. The newly added tokens include Hedera Hashgraph (HBAR), Near Protocol (NEAR), and others that have been approved by the Japan Virtual and Crypto Assets Exchange Association (JVCEA) and are already listed on other Japanese platforms.
This development is part of Binance's broader goal to offer 100 tokens in Japan and drive Web3 adoption in the country. The expansion comes at a time when other major exchanges like Kraken and Coinbase (NASDAQ:COIN) have exited the Japanese market. Japan's rigorous regulatory environment played a key role in protecting customers of FTX Japan during the recent bankruptcy of its parent company.
General Manager Takeshi Chino views this as a significant step towards achieving their target of supporting 100 tokens for local traders, capitalizing on Binance's global expertise and blockchain infrastructure.
Binance had previously left Japan in 2018 due to regulatory challenges but re-entered the market in August 2023 after acquiring Sakura Exchange BitCoin. This marked a return as a regulated entity, coinciding with Prime Minister Fumio Kishida's push for expanding the digital asset ecosystem within Japan.
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