Ahead of its grand opening this August, Binance’s Japanese subsidiary, Binance Japan, has revealed the content of its upcoming crypto spot trading and crypto assets exchange. Binance Japan is coming in strong, ready to surpass existing competitors in the Japanese market as it plans to offer 34 cryptocurrencies on its platform.
According to an August 1 report by the Japanese media outlet, CoinPost, the crypto exchange’s utility token BNB will be available for trade in Japan for the first time.
Binance To Offer Spot And Leveraged Cryptocurrency Trading In Japan
According to the report, Binance Japan will start with a cryptocurrency spot trading exchange that matches user transactions across the board. It will also offer real-time spot trading that displays a single selling price.
Related Reading: U.S. Judge Rejects Terraform’s Request To Dismiss SEC Case – Ripple Ruling In Trouble?
Also, the newly launched crypto exchange will offer leveraged trading, allowing users to buy and sell assets multiple times using margin.
However, Binance must follow strict rules and obtain appropriate licenses before it can offer leveraged trading in Japan. In this case, Binance Japan will obtain a Type 1 Financial Instruments Business license by meeting strict standards.
Binance Gearing Up To Dominate Japanese Crypto Market
Binance Japan will initially offer 34 crypto assets, which is more than its major domestic rivals Bitbank, GMO Coin, and Coincheck. Bitbank currently offers 30 crypto assets, GMO Coin offers 26, while Coincheck offers 22.
Among the tokens to be listed on the exchange include Bitcoin (BTC), Ethereum (ETH), Polkadot (DOT), Quantum (QTUM), Algorand (ALGO), Cardano (ADA), ENJ, Solana (SOL), Avalanche (AVAX), MATIC), and others.
Binance Japan is exploring more cryptocurrencies that still need to be available on the Japanese crypto market to attract more users. This feat could offer the crypto exchange a competitive advantage over existing market players.
Details of these other crypto assets have yet to be made public. However, Binance has assured expectant users that its team is actively working behind the scene to make it happen as they prepare a grand entrance into the Japanese market.
In addition, the new crypto exchange is going the extra mile to introduce innovative strategies to engage its users and gain customer loyalty. The platform plans to introduce a Simple Earn feature that allows users to deposit their cryptocurrencies and earn interest in crypto.
Furthermore, the exchange will establish an NFT Marketplace where users can engage in the dynamic and exciting world of non-fungible tokens. The platform will also include DeFi services and Web3-based game stocks.
At the WebX conference held in Tokyo, Japan, on July 25, Binance CEO ChangPeng Zhao expressed enthusiasm about the upcoming launch, disclosing that the Japanese platform will be fully operational by August.