The largest crypto exchange Binance unveils an exclusive platform for the Japanese market with initial support for Shiba Inu and XRP.
Binance, the global crypto exchange giant, has announced the debut of its exclusive platform tailored explicitly for the Japanese market, Binance Japan.
The exchange disclosed the development in a recent post on its website, affirming that the recently launched regulated platform supports Shiba Inu and XRP.
According to the exchange, the endeavor marks a significant milestone in the country’s journey into Web3, promising an unparalleled crypto experience for users in Japan.
The development got the attention of the renowned Chinese reporter Colin Wu, who shared the update with the crypto community.
Binance announced the 32 tokens that can be traded on its Japan-compliant exchange, including:
BTC, ETH, BNB, ADA, ALGO, ASTR, ATOM, AVAX, AXS, BAT, BCH, CHZ, DAI, DOGE, DOT, ENJ, ETC, IOST, LINK, LTC, MATIC, MKR, ONT, QTUM, SAND, SHIB, SOL, TRX, XLM, XRP, XTZ, and ZIL.… https://t.co/ZUJZYkAVVU
— Wu Blockchain (@WuBlockchain) August 1, 2023
Meanwhile, the official report highlighted diverse products and services for the new Binance Japan users. Among these are Spot Trading and Earn products, granting access to Shiba Inu and XRP, and other carefully selected tokens.
However, a separate notice will be issued on August 14 to existing users in Japan who are already registered with Binance’s global platform to initiate the migration process.
Furthermore, the services available on Binance Japan include depositing Japanese yen and cryptocurrencies, while withdrawal of Japanese yen will be available starting August 20.
The platform features the Convert offering for 34 tokens, including Bitcoin (BTC), Ethereum (ETH), Shiba Inu (SHIB), XRP, and Cardano (ADA). Whereas its Spot Trading feature only accommodates 32 tokens, which include all the tokens found in the Convert offering, except JasmyCoin (JASMY) and NEM (XEM).
It is worth mentioning that the American-based sister exchange of the Binance platform recently added more support for XRP following the relisting move, as The Crypto Basic reported.
SAKURA Exchange Now Binance Japan
In November 2022, Binance acquired the licensed local crypto exchange service provider, SAKURA Exchange BitCoin (SEBC). After undergoing a business name change, SEBC has transformed into Binance Japan Inc.
Binance claims its decision to offer regulated exchange services in Japan is to boost the growth and development of the Japanese digital asset market. According to the firm, Japan’s reputation as a hotbed for innovation and its increasing interest in blockchain technology makes it an ideal ground for building a sustainable crypto ecosystem.