Binance to scale up services on new Japan platform in Aug

BINANCE will roll out full services on its new platform for Japan in August, the crypto exchange’s founder Changpeng Zhao said via video at a conference in Tokyo on Tuesday (Jul 25).

The firm bought Sakura Exchange BitCoin last November and said in May this year that it was creating a platform to fully comply with local rules.

Binance has taken some steps to expand its Asian footprint elsewhere too, including in South Korea and Thailand. But the world’s largest crypto exchange is under intense regulatory scrutiny in a range of other jurisdictions globally.

Separately, Binance’s local General Manager Takeshi Chino said at the conference that the company could start stablecoins in Japan.

The country’s stablecoin law, which came into force from Jun 1, effectively allows Japan’s licenced banks, registered money transfer agents and trust companies to issue the tokens.

Meanwhile, Richard Teng, head of regional markets at Binance and considered by some as Zhao’s heir apparent, said at the event that recent signs of interest in crypto from traditional financial players can encourage “mass adoption at a much faster pace.” BLOOMBERG