Bitcoin News and Finance
Binance to Restore Full Services in Japan in August, CZ Unveils Skip to main content

Binance to Restore Full Services in Japan in August, CZ Unveils

Binance to Restore Full Services in Japan in August, CZ Unveils

Cryptocurrency exchange Binance will start offering full services in Japan next month, founder Changpeng Zhao (CZ) announced. The leading trading venue for digital assets reenters the Japanese market with a domestic exchange after announcing earlier it was discontinuing services through its global platform.

Binance Returns to Japan, Praises Its Web3 Regulatory Framework

The world’s largest crypto exchange by daily trading volume, Binance, will provide full services on its new platform in Japan starting from August, its founder and CEO Changpeng Zhao revealed in a virtual address to the participants in the Webx conference in Tokyo on Tuesday.

The crypto giant bought the Japan-regulated Sakura Exchange Bitcoin (SEBC) in November 2022. The deal allows Binance to scale up operations in the country after informing Japanese users this spring that it will gradually discontinue services on its global exchange by the end of November.

In May, Binance said it had created a new platform for residents of Japan in order to fully comply with local regulations. “Users of the global platform will be able to migrate to the new local platform through a new identity verification process (KYC), which will be available after Aug. 1, 2023,” the exchange explained in a notice.

In the video posted by Binance on Twitter, CZ praised Japan as a leader in establishing Web3 regulatory environments. He pointed out that the Asian nation has had clear regulations since 2017, with rules for crypto exchanges in particular, and highlighted this year’s opening up of crypto listing frameworks as well as the passing of stablecoin regulations in June. He also stated:

Japan is a flagship leader in this area and example for the rest of the world to follow. Binance is extremely happy to participate in the Japanese market again … and we are going to launch the full service in August.

Binance’s General Manager for Japan, Takeshi Chino, said at the Tokyo event that the crypto firm could start stablecoins in Japan too, Bloomberg noted in a report. The country’s stablecoin law came into force on June 1. It allows licensed Japanese banks, registered money transfer agents, and trust companies to issue this type of token.

has moved to expand its Asian presence in other markets as well, such as South Korea and Thailand. It’s been taking these steps in the region while being under increased pressure and scrutiny from regulators in other jurisdictions around the world, including the U.S. where it’s engaged in lawsuits with the securities and futures commissions.

Also during the conference, Binance’s head of regional markets, Richard Teng, remarked that recent signs of interest in crypto from traditional financial players can encourage “mass adoption at a much faster pace.” Among the latest developments that gave cause for optimism was the acceptance by the U.S. securities regulator of the spot bitcoin ETF application of financial powerhouse Blackrock.

Do you expect Binance to seek to provide crypto trading services through locally regulated platforms in other Asian markets? Tell us in the comments section below.

Comments

Post a Comment

Popular posts from this blog

Custodial Lightning Network Service Attack Discovered by LN ‘Newbie’ — Hacker Strikes 6 LN Custodians

On September 18, a Redditor posted to the r/bitcoin forum and explained how he discovered a way to “attack [the] lightning Network’s custodial services.” The Reddit account dubbed “Reckless Satoshi” wanted to figure out if a “discrepancy between real routing fees and service’s transaction fee can be exploited for a profit.” The researcher disclosed that he wanted to see how large the damage could be and said “it is bad.” 6 Lightning Network Custodial Services Attacked, Researcher Discloses Findings to Offenders Prior to Public Disclosure A Redditor called Reckless Satoshi published a disclosure post on r/bitcoin this past Saturday and disclosed how he had found a vulnerability with routing fees and some of the Lightning Network’s custodial services. The research attack was done in good faith and after it was complete he disclosed the bugs to the offending services before publishing his findings. Reckless Satoshi used the Lightning Network (LN) attack on six different services incl
Post a Comment
Read more

Axie Infinity Down 40% Since Last Week’s Price High, Protocol Revenue Outshines Competitors

Last week, the game token leveraged within the Axie Infinity gaming universe skyrocketed to all-time highs, while other crypto markets remained extremely lackluster. During the last seven days, Axie Infinity’s platform token has dropped significantly in value shedding more than 12%. Meanwhile, the game platform’s smooth love potion token has slid over 8% over the last 24 hours. Axie Infinity Down More Than 40% Since All-Time High Not too long ago, the axie infinity (AXS) token was a topical conversation because it reached an all-time high on July 15. At the time, AXS managed to capture $28.93 per unit and since then it has shed 12.8% during the last seven days. The axie infinity (AXS) token is used within the blockchain-based game that involves battles between token-based creatures called “Axies.” AXS is used for the game’s governance system as well as other actions within the game. At the time of writing axie infinity (AXS) is exchanging hands for $16.70 per coin. AXS/USD on Ju
Post a Comment
Read more

Play-to-Earn Game From Polker (PKR) Exchange Listing – Endorsed by Akon

The Play-to-Earn NFT based Polker.Game ‘s native token $PKR has been officially listed on the popular centralized exchange BitMart. Polker.game has been in the spotlight recently as Akon, the American R&B superstar and record producer gave his official endorsement of polker stating that the “game is revolutionary” and that Polker is “hands down.. the best play to earn, NFT game in the space.”. With the BitMart listing and celebrity endorsement from Akon, Polker is perfectly positioned to become a major player in the Play-to-Earn league. Watch Akon’s Video Here What is Play-to-Earn? Although not a new concept, play-to-earn has become a trending term due to the popularity of the NFT game AXIE infinity. In the past, previous play-to-earn games have also achieved success – however, thanks to the huge amount of development in the blockchain space in recent years the gaming experience is now massively improved. Play-to-Earn games are essentially free to play and open to anyone and
Post a Comment
Read more

China to Crack Down on Copyright Infringement Through NFTs

Authorities in China are going after creators of digital collectibles based on other people’s works of art, the use of which was not authorized. The government offensive is part of a campaign to combat online copyright infringement and piracy with the participation of several departments. Regulators in China Move to Strengthen Copyright Supervision of Online Platforms The National Copyright Administration of China (NCAC) has recently launched a campaign against copyright infringement and piracy on the internet, together with the Ministry of Industry and Information Technology, the Ministry of Public Security, and the State Internet Information Office of the People’s Republic. A major objective of the initiative is to improve copyright supervision of online businesses by investigating cases involving the sale and distribution of infringing products on short video, live broadcast and e-commerce platforms, and promptly dealing with infringing content, the agency announced in a press r
Post a Comment
Read more
Blogarama - Blog Directory