Binance Plans Launch in Japan in August, Considers Introducing Stablecoins

<p>Binance,
which initially targeted relaunching its crypto exchange services in Japan last
month, now has its eyes set on August 2023 for the rollout. Changpeng Zhao, the
Founder of the world’s largest digital asset exchange, disclosed this today
(Tuesday) during a video conference in Tokyo, according
to Bloomberg. </p><p>Binance Works on Legal
Re-entry into Japan</p><p>As far back
as 2018, the Japanese Financial Services Agency (JFSA) <a href="https://www.financemagnates.com/cryptocurrency/news/japans-fsa-warns-against-crypto-exchange-giant-binance/" target="_blank" rel="follow">warned Binance</a> against its unauthorized
operation in the country. The watchdog issued <a href="https://www.financemagnates.com/cryptocurrency/news/binance-thrown-japan/" target="_blank" rel="follow">another similar warning</a> in 2021.</p><p>Last year, in its
effort to operate legally in Japan, Binance <a href="https://www.financemagnates.com/cryptocurrency/binance-acquires-12th-license-after-acquisition-in-japan/" target="_blank" rel="follow">acquired a 100% stake</a> in Sakura Exchange BitCoin (SEBC), a
digital asset service provider registered with the JFSA. SEBC
subsequently announced plans to terminate its operations at the end of May and
to launch new services under the provisional name, ‘Binance Japan’. However,
Binance in the past month has <a href="https://www.financemagnates.com/cryptocurrency/binance-fired-over-1000-employees-in-recent-weeksreport/" target="_blank" rel="follow">suffered several setbacks</a> in various jurisdictions. </p><p>Nonetheless,
the leading exchange is moving forward with its plan for the Japanese crypto
market. </p><p>Binance
Considers Stablecoin Launch in Japan</p><p>Meanwhile, Takeshi
Chino, the General Manager of Binance in Japan, during the video conference disclosed that the exchange could introduce stablecoins in
Japan, according to The Business Times. The proposed move comes as Japan
in June of last year <a href="https://www.financemagnates.com/cryptocurrency/japan-passes-bill-that-defines-stablecoins-as-digital-money/" target="_blank" rel="follow">passed a bill</a> that defines stablecoins as
digital money. </p><p>Specifically,
the law stipulates that only licensed banks, registered money transfer agents
and trust companies can issue stablecoins. Already, Mitsubishi UFJ (MUFG), a
Japanese banking giant, has <a href="https://www.financemagnates.com/cryptocurrency/japans-largest-bank-to-support-global-stablecoin-issuance/" target="_blank" rel="follow">started engaging
multiple parties</a> to have them mint stablecoins tied to foreign currencies, including the
US dollar, on its proprietary blockchain, Progmat. </p><p>Meanwhile,
Binance continues to make inroads in Asia. Earlier in the year, the exchange <a href="https://www.financemagnates.com/cryptocurrency/binance-invests-in-crypto-exchange-gopax-years-after-south-korea-exit/" target="_blank" rel="follow">purchased a majority share in GOPAX</a>, injecting capital into the distressed South Korean crypto exchange. The move
came two years after Binance shut down its local unit in the country due to low
patronage.</p><p>Additionally, Binance is planning to launch a crypto exchange in
Thailand during the fourth quarter of this year. This follows <a href="https://www.financemagnates.com/cryptocurrency/gulf-binance-secures-crypto-service-provider-license-in-thailand/" target="_blank" rel="follow">the issuance</a> of a digital asset
service provider license to the exchange by Thailand's financial markets regulator in May.</p><p>Volumes on eToro charts; Nomura's new eFX head; <a href="https://www.financemagnates.com/forex/news-nuggets-25-july-volumes-on-etoro-charts-nomuras-new-efx-head/" target="_blank" rel="follow">read today's news nuggets</a>.</p>

This article was written by Solomon Oladipupo at www.financemagnates.com.