The Japanese subsidiary of Binance will reportedly provide trading services with additional digital currencies in the near future.
The crypto behemoth re-entered the Land of the Rising Sun earlier this summer after departing in 2018 due to regulatory problems.
- According to a Bloomberg coverage, Binance Japan will soon increase the number of supported cryptocurrencies on its platform to 100.
- Tsuyoshi Chino – a representative at the firm – said the entity will aim to secure liquidity and bring best market practices by cooperating with other Japanese exchanges.
- He also raised hopes that the local authorities will implement a comprehensive regulatory regime that could let the cryptocurrency industry thrive:
“I feel that there is a clear intention to create a foreseeable situation with well-developed regulations and to allow business to take place in that environment.”
- Binance revealed its intentions to return to Japan by acquiring Sakura Exchange BitCoin (SEBC) in November last year for an undisclosed sum.
- This allowed the Japanese arm of the trading venue to start providing crypto services five years after it left the country due to issues with domestic watchdogs.
- Initially, the supported digital assets from Binance Japan were 34, including Bitcoin (BTC), Ethereum (ETH), Binance Coin (BNB), Cardano (ADA), Dogecoin (DOGE), Polygon (MATIC), Litecoin (LTC), and many more.
- It is worth mentioning that this is the largest number of tokens offered by any crypto exchange in the country. Clients had until mid-August to comply with the new Know Your Customer (KYC) rules and jump on board.
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