Thursday, December 8, 2022

Binance Seeks Re-entry into Japan After Four Years Break

Leading cryptocurrency exchange Binance seeks to reenter the Japanese market four years after tightened regulations forced it to exit the nation.

According to a Bloomberg report, the exchange is in talks with the Japanese regulator to secure a business license. The exchange decided to enter the Japanese market after the government introduced a friendlier stance on digital assets. It also wants to use the opportunity to onboard new users.

The Japanese government through Prime Minister Fumio Kishida has planned to boost its economy via the digital asset space. It also recently relaxed taxes on digital assets after high corporate tax forced some firms to shift their base.

Before it renewed interest in Japan, Japan’s Financial Services Agency warned Binance twice for operating in the country without approval. Binance last warning in 2018 led to its eventual exit.

In October 2020, the exchange’s last attempt to enter the market via a partnership with Tao Tao – a Japanese digital asset trading platform failed. Both parties ended their nine months of negotiation after failing to agree on a strategy.

Recall that the exchange was fined EUR 3.3 million for operating in the Netherlands without proper authorization from the Dutch Central Bank. This was after the exchange was issued a public warning. Afterward, Binance filed for approval from the Dutch regulator and awaits the regulator’s approval to operate in the country.

Binance continues to enter new markets

Binance has continued to establish itself as a market leader as it looks to strengthen its footprints in the crypto ecosystem. The exchange has continued to score regulatory approval as it sets the pace for the industry.

In May Binance got dual approval from The Autorité de Contrôle Prudentiel et de Résolution (ACPR) and Authorité des Marchés Financiers (AMF) to operate in the country without complications.

Additionally, Binance through its subsidiary Moon Tech Spain, S.L entered the Spanish market after securing approval from regulators. It has also recently entered Dubai, Kazakhstan, and Italy amongst others.

Joyce Onose
A Blockchain enthusiast and growing writer in the space with an understanding of the importance in creating quality content for readers in the industry. Also, keen on using her skills in improving Blockchain journalism.

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