Binance Japan has announced a plan to launch as many as 13 new tokens, including many that are known for their solid fundamentals. The exchange’s total offering will thus expand to 47 cryptocurrencies.
Projects soon to be listed on Binance Japan include: Hedera Hashgraph (HBAR), Near Protocol (NEAR), Optimism (OP), Immutable X (IMX), Arbitrum (ARB), The Graph (GRT), Render Token (RNDR), Decentraland (MANA), EOS (EOS), GALA (GALA), ApeCoin (APE), Klaytn (KLAY) and Lisk (LSK). These revelations, representatives of the platform shared via a press release published on Wednesday, November 15.
It is worth noting that all of the aforementioned tokens are already listed on other reputable exchanges in Japan, and additionally qualify as assets subject to a simplified evaluation process according to the standards of the Japan Virtual and Crypto Assets Exchange Association, a self-regulatory body in Japan.
A step toward realizing Binance’s ambitions
Takeshi Chino, CEO of Binance Japan, expressed enthusiasm about this growth strategy, commenting, “This is another step for us in our mission to deliver as many as 100 tokens to the Japanese market. Our goal is to continuously enrich our range of services in Japan, leveraging our global experience and leading blockchain ecosystem.”
Binance Japan, after acquiring local licensed cryptocurrency exchange Sakura Exchange BitCoin in November 2022, is following a path of expansion in the local market. These activities have been ongoing since last August. In 2021, Japan’s financial regulators warned of illegal practices on the part of the exchange. The aforementioned acquisition was one of the processes to cleanse the company of its negative image. The result is that Binance is now growing into a local market leader. The fact that competing platforms, such as Coinbase and Kraken, have decided to withdraw from Japan, arguing local conditions, is also proving helpful in this process. Binance Japan, however, is not laying down its arms. Decisions from competitors seem to have given the exchange even more room to operate.
Japan with limited access to cryptocurrency market
In Japan, the limited number of listed cryptocurrencies is mainly due to the strict regulations and oversight procedures put in place by the authorities there. The country, although very developing, is extremely intense about investor protection. For this reason, the listing procedures are complex, and the number of coins on the market is far smaller than in other jurisdictions.