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Policy

Binance Japan Starts Onboarding Users

Two years earlier, the exchange was warned by Japanese regulators that it was operating in the country without permission.

By Lavender Au
AccessTimeIconAug 1, 2023 at 10:02 a.m. UTC
Binance Japan users can access spot trading, earn products, and an NFT marketplace. (CoinDesk)

Binance Japan users can access spot trading, earn products, and an NFT marketplace. (CoinDesk)

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Binance Japan, a subsidiary of Binance, will begin onboarding users in Japan on its newly launched platform. The exchange was warned by regulators that it was operating in the country without permission two years earlier.

Existing customers in Japan can migrate to the local subsidiary from Aug 14.

Users can access spot trading, earn products, and an non-fungible token (NFT) marketplace. They will be able to trade 34 tokens, including the Binance Smart Chain's native token BNB, which is available in Japan for the first time.

Binance, acquired regulated crypto exchange Sakura Exchange BitCoin (SEBC), in November last year.

Coinbase (COIN) and Kraken stopped operations in the country in recent months, citing “market conditions” as the reason. Last week at the WebX conference in Tokyo, Japan's policymakers signalled that more Web3 related policies were in the works.

Read more: Japan Signals More Web3 Promotion Policies Are Coming

Edited by Parikshit Mishra.

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The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is an award-winning media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. In November 2023, CoinDesk was acquired by Bullish group, owner of Bullish, a regulated, institutional digital assets exchange. Bullish group is majority owned by Block.one; both groups have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary, and an editorial committee, chaired by a former editor-in-chief of The Wall Street Journal, is being formed to support journalistic integrity.

Lavender Au
Lavender Au

Lavender Au is a CoinDesk reporter with a focus on regulation in Asia. She holds BTC, ETH, NEAR, KSM and SAITO.

Follow @lavender_au on Twitter

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