blockchainreporter.net
Binance, the world’s leading cryptocurrency trading platform, officially entered the Japanese market with the launch of its subsidiary, Binance Japan, on August 1. The move comes as the company aims to align its growth strategy in Japan with Astar Network’s goals, leading to the listing of Astar’s native token, ASTR, among 34 initial assets on the new exchange.
In November 2022, Binance made its entry into Japan through the acquisition of the Tokyo-based crypto platform Sakura Exchange BitCoin. As of August, the exchange operator has been rebranded as Binance Japan, ensuring compliance with local regulations and setting the stage for a new era of cryptocurrency trading for Japanese users.
As part of the transition, new users in Japan are no longer able to create accounts on Binance’s global platform, and access for existing Japanese customers will come to an end in December. However, the company is encouraging its Japanese user base, estimated to be in the hundreds of thousands, to migrate their accounts to Binance Japan. This process will be facilitated by a new identity verification system that meets Japanese standards and will be implemented from August 14.
A New Era for Japanese Traders
Binance Japan will set a record in the Japanese cryptocurrency market by offering access to 34 virtual currencies, surpassing other local exchanges such as Bitbank and BitTrade. Although low liquidity may initially prevent direct trading between customers, Binance Japan will enable the buying and selling of tokens from the exchange’s own inventory.
The decision to expand into Japan and create a registered exchange comes after Binance received warnings from several global financial authorities for its failure to comply with regulations. In response, Binance has been actively pursuing operating licenses in various countries, including Australia, Indonesia, France, Italy, Spain, Poland, and now, Japan.
Astar Network, the platform behind the ASTR token, expressed excitement over Binance’s entry into Japan, as it provides an additional regulated exchange for Japanese users to trade ASTR and other cryptocurrencies. The alignment of Astar’s goals with Binance’s expansion strategy in Japan further solidifies the partnership between the two entities.
During the recent WebX Conference, Binance CEO CZ praised Japan’s leadership in the Web3 regulatory environment and emphasized the company’s enthusiasm to participate in the Japanese market. Binance’s decision to comply with regulations and secure cryptocurrency exchange licenses worldwide highlights its commitment to providing a secure and compliant platform for cryptocurrency enthusiasts.
Astar Network has swiftly emerged as a favored platform in Japan, offering support for the widely-used Ethereum Virtual Machine (EVM) environment and incorporating WebAssembly (WASM), which has transformed it into a versatile multi-chain ecosystem. As the platform gains traction in the Japanese market, ASTR token’s recent listing on Binance Japan is anticipated to propel its success further.