{"id":40210,"date":"2023-07-25T09:33:07","date_gmt":"2023-07-25T13:33:07","guid":{"rendered":"https:\/\/ifintechworld.com\/markets\/crypto\/binances-new-platform-in-japan-to-provide-full-services-from-august\/"},"modified":"2023-07-25T09:33:09","modified_gmt":"2023-07-25T13:33:09","slug":"binances-new-platform-in-japan-to-provide-full-services-from-august","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=40210","title":{"rendered":"Binance’s New Platform in Japan to Provide Full Services from August"},"content":{"rendered":"
\n

Binance revealed that it is finally ready to roll out its full services on its recently-launched subsidiary platform in Japan.\u00a0<\/p>\n

The confirmation came from the exchange\u2019s founder, Changpeng Zhao, during a conference in Tokyo earlier today, which he attended via video.\u00a0<\/p>\n

Zhao said that the services will become available in full starting in August 2023.<\/p>\n

Binance to roll out full services of its new Japan-based platform<\/h2>\n

In late May 2023, Binance announced a new platform in Japan. The platform was compliant with the local regulations and designed to provide services to Japanese users.\u00a0<\/p>\n

However, the exchange also said that it would take some time before it can launch its full services in the country.<\/p>\n

The company was able to enter the Japanese market thanks to its purchase of Sakura Exchange BitCoin in November 2022.\u00a0<\/p>\n

Acquisitions such as this one have been a common practice for companies to enter new markets.\u00a0<\/p>\n

Sakura Exchange BitCoin provided Binance with an entry point into the market, and the exchange took it.<\/p>\n

The expansion into Japan represents the next step on Binance\u2019s road toward expanding its footprint in Asia.\u00a0<\/p>\n

The company has made similar moves to enter markets such as Thailand and South Korea.<\/p>\n

However, at the same time, the exchange has also been facing intense regulatory scrutiny in numerous countries, especially in the West.\u00a0<\/p>\n

The exchange saw a lawsuit in the US in early June, alongside Coinbase. The Netherlands and Belgium have also shut their doors to the platform.\u00a0<\/p>\n

Even Germany, the largest economy in Europe, did not provide the exchange with a license to operate as of yet.<\/p>\n

Meanwhile, in France, the local prosecutors searched the exchange\u2019s office as part of an investigation of money laundering controls.<\/p>\n

Binance to attempt to launch a stablecoin in Japan<\/h2>\n

With the exchange struggling in the West, it stepped up the efforts to secure a foothold in the East.\u00a0<\/p>\n

Takeshi Chino, the exchange\u2019s General Manager in Japan, revealed at the conference that Binance could also start a stablecoin in Japan.<\/p>\n

Launching a stablecoin in Japan is no longer as simple as doing it in other parts of the world. The country introduced a stablecoin law which came into force on June 1st, 2023.\u00a0<\/p>\n

According to the law, only Japan\u2019s licensed banks, registered money transfer agents, and trust companies are allowed to issue stablecoins.<\/p>\n

Richard Teng, who is considered by many to be Zhao\u2019s heir apparent, also attended the conference.\u00a0<\/p>\n

Teng serves as the head of regional markets at Binance, and during the event, he said that there were signs that traditional financial players have developed a stronger interest in cryptocurrencies.<\/p>\n

<\/h3>\n<\/p><\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Binance revealed that it is finally ready to roll out its full services on its recently-launched subsidiary platform in Japan.\u00a0 The confirmation came from the exchange\u2019s founder, Changpeng Zhao, during a conference in Tokyo earlier today, which he attended via video.\u00a0 Zhao said that the services will become available in full starting in August 2023. […]<\/p>\n","protected":false},"author":1,"featured_media":40211,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[243],"tags":[83],"class_list":["post-40210","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-crypto","tag-featured"],"yoast_head":"\nBinance's New Platform in Japan to Provide Full Services from August | iFintechWorld<\/title>\n<meta name=\"description\" content=\"Binance revealed that it is finally ready to roll out its full services on its recently-launched subsidiary platform in Japan.\u00a0The confirmation came from\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/ifintechworld.com\/?p=40210\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" 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