Binance’s new platform in Japan to provide full services from August -TGN

Binance has revealed that it is finally ready to roll out its full services on its recently launched subsidiary platform in Japan.

The confirmation came from the exchange’s founder, Changpeng Zhao, at a conference in Tokyo earlier today, which he attended via video.

Zhao said the services will be fully available from August 2023.

Binance is rolling out the full services of its new Japan-based platform

At the end of May 2023, Binance announced a new platform in Japan. The platform complied with local regulations and was designed to provide services to Japanese users.

However, the exchange also said it would be some time before it can launch its full services in the country.

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

Acquisitions like this are a common practice for companies to enter new markets.

Sakura Exchange BitCoin provided Binance with a point of entry into the market and the exchange took over.

The expansion into Japan represents the next step on Binance’s path to expanding its footprint in Asia.

The company has taken similar steps to enter markets like Thailand and South Korea.

At the same time, however, the exchange is also facing intense regulatory scrutiny in numerous countries, especially in the West.

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

Even Germany, Europe’s largest economy, has not yet licensed the exchange to operate.

Meanwhile, local prosecutors in France searched the bureau de change as part of an investigation into money laundering checks.

Binance is trying to launch a stablecoin in Japan

With the exchange struggling in the West, it stepped up efforts to gain a foothold in the East.

Takeshi Chinothe General Manager of the exchange in Japan revealed during the conference that Binance could also launch a stablecoin in Japan.

Launching a stablecoin in Japan is no longer as easy as it is in other parts of the world. The country introduced one stablecoin law which entered into force on 1 June 2023.

By law, only licensed Japanese banks, registered money transfer agents, and trust companies are allowed to issue stablecoins.

Richard Teng, who is considered by many to be Zhao’s heir to the throne, also attended the conference.

Teng is the head of regional markets at Binance and at the event he said there were signs that traditional financial players have developed a stronger interest in cryptocurrencies.

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