On Tuesday, a subsidiary of Binance in Japan unveiled the launch of a local crypto exchange in the country. In a blog post, the firm confirmed the launch and affirmed its dedication to onboarding new users in Japan. With this development, residents in the country with global Binance accounts will now migrate to the local exchange.
However, the migration will only be possible from August 14. According to the announcement, Binance Japan seeks to provide a wide range of crypto offerings, including spot trading, earn products and NFT marketplace for residents in the country. As of press time, it has not less than thirty-four crypto assets on its network, including Bitcoin, Ethereum, and BNB. Meanwhile, the availability of BNB for exploration on the exchange makes it the first time that the token will be available in Japan. In the future, it aims to avail derivatives offerings in line with the regulatory framework in the country.
Binance still aiming higher despite regulatory restraints
Despite the numerous regulatory challenges that have continued to deter its global expansion, Binance has continued to stand tall. Just a day ago, the crypto exchange obtained an operational MVP license in Dubai. According to Binance, it is the first crypto exchange to acquire such license from the Dubai’s Virtual Assets Regulatory Authority (VARA). Before obtaining this license, it had earlier obtained a provisional MVP license and a preparatory MVP license in March and September 2022 respectively.
Meanwhile, the new feat grants Binance the platform to avail crypto products in Dubai. The exchange can now carry out two licensed operations. They include virtual asset exchange services and virtual asset broker-dealer services for all institutional and permitted retail investors in Dubai. Binance sees this achievement as a huge step in its commitment to developing an exchange that runs in compliance with local regulations. It affirmed its readiness to continuously partner with VARA to uphold the regulatory framework for Virtual Asset Service Providers in Dubai.
As of press time, Binance is facing a lawsuit from the U.S. Securities and Exchange Commission (SEC). The regulator filed the lawsuit against the exchange last June. In the filing, the SEC accused Binance of running an unregistered crypto exchange. The agency sees most crypto assets, except Bitcoin as securities and insists companies offering them must register. It claims Binance and its executives failed to register the crypto assets before offering them to U.S. investors.