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Binance return to the Japanese market

Bytomasian

Sep 28, 2022

Binance, the world’s largest cryptocurrency exchange, is trying to make a comeback four years after withdrawing from the Japanese market, Bloomberg reported on the 26th (local time), citing sources familiar with internal circumstances.

Bloomberg reported that cryptocurrency-friendly government policies and considerable opportunities to attract new users are driving Binance back into the Japanese market.

According to Decrypt, Binance’s move comes as the Japanese government tries to apply Web 3.0-friendly policies under Prime Minister Fumio Kishida’s regime.

In a speech in London in May, Kishida said, “Japan will develop environments to promote Web 3.0 such as blockchain, NFT, and metaverse.”

According to Decrypt, Japan is more open to cryptocurrency, in contrast to many other countries such as the United States and the United Kingdom.

If Binance secures a license in Japan, it will face strong competition with large players such as FTX and Crypto Dotcom, which have already entered Japan, according to D-Crypt.

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