Binance revealed that it is finally ready to launch its full services on its recently launched subsidiary platform in Japan.
This was confirmed today by Changpeng Zhao, the founder of the exchange, during a conference in Tokyo, which he attended via video.
Zhao said the services will be fully available from August 2023.
Binance Will Launch Full Services of Its New Japan-Based Platform
In late May 2023, Binance announced a new platform in Japan. The platform was compliant with local regulations and designed to provide services to Japanese users.
However, the exchange also said that it will take some time to launch its full-fledged services in the country.
The company was able to enter the Japanese market in November 2022 thanks to the purchase of Sakura Exchange Bitcoin.
This type of acquisition has been a common practice for companies looking to enter new markets.
Sakura Exchange Bitcoin provided Binance with an entry point into the market, which the exchange took over.
The expansion in Japan represents Binance’s next step towards expanding its footprint in Asia.
The company has made similar moves to enter markets such as Thailand and South Korea.
However, at the same time, the exchange is also facing intense regulatory scrutiny in many countries, especially in the West.
The exchange saw a lawsuit in the US with Coinbase in early June. The Netherlands and Belgium have also closed their doors to the forum.
Even Germany, Europe’s largest economy, is yet to grant the exchange a license to operate.
Meanwhile, in France, local prosecutors searched the exchange’s offices as part of an investigation into money laundering controls.
Binance Will Attempt to Launch a Stablecoin in Japan
With the Exchange struggling in the West, it intensified efforts to gain a foothold in the East.
Takeshi Chino, the general manager of the exchange in Japan, revealed at the conference that Binance may also launch a stablecoin in Japan.
Launching a stablecoin in Japan is no longer as easy as in other parts of the world. The country introduced a stablecoin law that came into force on June 1, 2023.
By law, only licensed banks of Japan, registered money transfer agents and trust companies are allowed to issue stable coins.
Richard Teng, considered by many to be Zhao’s successor, also attended the conference.
Teng, who serves as head of regional markets at Binance, said during the event that there are signs that traditional financial players are developing a keen interest in cryptocurrencies.