Binance Doesn’t Stop: It Will List 33 Altcoins!

In a recent announcement, Binance Japan announced its ambitious plans to launch a comprehensive crypto-asset exchange service in August with the widest variety of cryptocurrencies in the country. Listing Bitcoin and 33 altcoins in the first place, the exchange aims to surpass its major local competitors such as Bitbank and Coincheck. Here are the details…

Binance lists many altcoin projects in Japan

BNB exchange altcoin, which has a wide usage area on the crypto money giant’s Binance platform, will be showcased for the first time in the Japanese market as a move strategically targeting experienced users. Among the tokens offered for sale, Japanese investors will have access to Binance’s native token, BNB, for the first time. Binance Japan’s token selection includes various decentralized finance (DeFi) and Web3-based Blockchain-based gaming stocks, such as Solana (SOL), Astar (ASTR), Avalanche (AVAX), Jasmy (JASMY) and Axie Infinity (AXS).

The fact that Binance Japan will not allow leveraged trading in altcoins sets it apart from many of its competitors in the region. To do so, the company will need to meet stringent requirements to obtain a “Type 1 Financial Instruments Business” license. In addition to spot trading and asset selling, Binance Japan plans to offer other features to meet the different needs of its users. The exchange will provide “Simple Earnings (credit crypto assets)” and an NFT Marketplace that will allow users to deposit crypto assets and earn income. Automated trading and API connectivity will be available and will improve the overall trading experience.

CZ announces the exchange’s entry into the Japanese market

The announcement at the WebX conference included an unexpected video message appearance from Binance Holdings CEO Changpeng Zhao (CZ). CZ expressed its excitement to re-enter the Japanese market. He emphasized Japan’s leading position in the Web3 regulatory environment. This move marks a positive development for altcoin and BTC exchange Binance, which faced warnings from the Japan Financial Services Agency (JFSA) in 2021 for previously operating in Japan without proper registration. However, the acquisition of 100 percent ownership of Sakura Exchange BitCoin in November 2022 put Binance under regulatory oversight by the JFSA. Demonstrated commitment to complying with Japanese regulatory requirements.

As we reported on cryptokoin.com, Japan has been proactive in establishing clear regulations for cryptocurrency exchanges. Binance’s return to the market marks a renewed period of competition among cryptocurrency exchanges in the country. The environment is ripe for further growth in the crypto industry, with the country’s national tax authority updating legislation to exempt token issuers from paying corporate taxes on unrealized BTC and altcoin earnings. As of now, specific details on the tokens to be listed in Japan have not been provided by Binance. However, Japan-based media outlet Coinpost shared the listed coins in a tweet below. It is worth noting that there is no official statement, however.