[NEWS] Binance Japan officially launches service, handling the largest number of stocks in Japan

Binance Japan announced on the 1st that it will launch a cryptocurrency exchange service for Japan.

The company also announced that it has changed its company name from Sakura Exchange Bitcoin Co., Ltd. (SEBC) to Binance Japan Co., Ltd. with the launch of the platform.

With this announcement, Binance, one of the world's largest cryptocurrency exchanges, has officially landed in Japan.

According to the announcement, Binance Japan handles 34 types of cryptocurrency. This includes BNB, which is not listed in Japan.

This makes it the largest exchange in Japan in terms of the number of cryptocurrency brands at the time of the service launch, surpassing BitTrade, which handled 31 types of brands.

In the announcement, Binance Japan stated that it will continue to expand the number of brands. It also stated that it aims to provide derivative trading services, including futures trading, in the future.

The brands handled by Binance Japan are as follows.

▶ Quoted from Binance Japan

The following are the services provided:

• Deposits and withdrawals of legal currency (Japanese yen) and crypto assets
• Cryptocurrency exchange (spot trading)
• Cryptocurrency sales book (convert)
• Simple earn (cryptocurrency lending)
• Automatic purchase (auto invest)
• NFT marketplace
• API connection

Symbol (XYM), Monacoin (MONA), Flare (FLR), and Cosplay Token (COT), which were offered under the SEBC regime, will be discontinued. In addition, withdrawals of Japanese yen will be possible from August 20th.

Users who already have a global Binance account will be able to apply to transfer to Binance Japan from the 14th of this month. According to the announcement, it will be possible to start using the new platform from December 1st of this year.

Binance has tried to enter the Japanese market in the past. On the other hand, in 2018 and 2021, it received a warning from the Financial Services Agency for providing services to Japanese residents.

After that, in November of last year, Binance acquired SEBC, a cryptocurrency exchange, through Binance (AP) Holdings Limited, an affiliated company led by Binance CEO CZ (Changpeng Zhao). The company has transitioned to a new management structure and is preparing to launch its services.

The company's management team includes Takeshi Chino, who has experience as the representative director of the Japanese subsidiary of cryptocurrency exchange Kraken.

Appearing in a video message at WebX, Japan's largest Web 3.0 conference held on the 25th and 26th of last month, CZ said that Binance Japan will begin full-scale services in August. He also revealed that the company plans to release a large-scale project in Japan in the future.

With Binance's full-scale entry into the Japanese market, the balance of power in the domestic cryptocurrency market could change dramatically.

Reference: Announcement
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