It is anticipated that “Build and Build (BNB),” an exchange token from Binance, will make its debut in Japan.
Binance Japan has been making international rounds this month, revealing plans to develop a crypto asset exchange business with the widest selection of digital currencies in the entire world. With 34 cryptocurrencies, Binance Japan will outperform significant domestic rivals including Bitbank (30 cryptocurrencies), GMO Coin (26 cryptocurrencies), and Coincheck (22 cryptocurrencies).
It is anticipated that “Build and Build (BNB),” an exchange token from Binance, will make its debut in Japan.
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With a target launch date of August, Binance Japan has released specific plans for its planned cryptocurrency trading business. The news was released on August 1, 2023.
“Binance has acquired 100% of Sakura Exchange BitCoin (SEBC), the Japanese-registered crypto exchange service provider.” Binance Tweeted.
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In terms of the volume of cryptocurrency handled at launch, this places Binance Japan as the top local exchange.
Additionally, users of Binance Japan will be able to use tools like “Simple Earn,” which allows them to deposit cryptocurrency assets and earn income, as well as “NFT Marketplace,” “Auto Invest,” and “API Connection” capabilities. (API connections are techniques that use a set of definitions and protocols that let two software components communicate with one another).
Due to the stringent requirements for getting a “Type 1 Financial Instruments Business” license in Japan, the country has opted not to offer leverage trading. Certain cryptocurrencies, like Solana (SOL), Astra (ASTR), Avalanche (AVAX), Jasmine (JASMY), and Axie (AXS), have been listed, indicating a desire to draw seasoned users.
Binance Market Share Declined amidst Regulatory Stress:
In other news, According to the most recent market data, the leading cryptocurrency exchange Binance and its US affiliate, BinanceUS, have lost market share. The Securities and Exchange Commission’s (SEC) most recent lawsuit against the exchange is thought to be the cause of the fall.
Binance.US’s market share had decreased the greatest. Bitcoin data provider Kaiko cites as saying that between April and June, the market share of the apparently independent exchange decreased from 22% to 0.9%.
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With its proactive strategy, wide range of crypto offers, and cutting-edge services, Binance Japan is ready to significantly alter the Japanese crypto market.
The launch of Binance Japan’s trading platform, which is scheduled for August, has traders and cryptocurrency fans on the edge of their seats.
