Binance Japan, the Japanese arm of the world’s largest cryptocurrency exchange, plans to expand its token offerings by presenting at least 100 tokens in the near future, according to a report from Bloomberg. This represents a three-fold increase from the current selection. Tsuyoshi Chino, Binance Japan’s representative, stated their intention to curate a diverse collection of tokens, including domestic currencies in addition to promising global cryptocurrencies. Currently, Binance Japan offers 34 listed tokens, which is the largest selection among all crypto exchanges in Japan.
Chino aims to spearhead innovative initiatives within Japan’s crypto landscape, with a focus on maintaining liquidity and expanding token offerings. To achieve this, the exchange plans to collaborate with market makers and relevant entities. Chino envisions a collective effort among Japanese exchanges to swiftly list 100 tokens. He is also optimistic that regulatory authorities will establish a comprehensive framework to create a favorable environment for the cryptocurrency industry to thrive, especially after Binance had previously left due to regulatory issues.
Binance strategically reentered the Japanese market on August 1, after a five-year absence caused by regulatory challenges. The reentry was made possible through Binance’s acquisition of Sakura Exchange BitCoin (SEBC) in November 2022. The platform, now known as Binance Japan K.K., offers Spot Trading, NFT Marketplace, and Earn products. It initially features 34 tokens, with plans to expand its services to include derivatives. Binance ensured a smooth transition for existing users by providing notifications and guidance on the migration process.
This dedicated platform signifies Binance’s commitment to contribute to Japan’s Web3 initiatives and build a sustainable Web3 ecosystem in the country. With recent challenges in other regions, such as the U.K., the Netherlands, and Germany, Binance’s reentry into the Japanese market is seen as a positive step for its senior management.