The residents of Japan can now be a part of the growing Web3 ecosystem. Binance has announced that it is officially extending its arm in the region by having an operational platform under its umbrella. Previously known as SAKURA Exchange BitCoin Inc, the venture was acquired by Binance in November 2022 and is now known as Binance Japan.
Meaning users who register with Binance Japan will gain access to 34 tokens for the purpose of spot trading. This marks a milestone for the country in its pursuit of Web3 acceleration. Also, Binance Japan opened up its offering of 34 tokens, which is the largest by any exchange platform in the country. BNB, its native token, is one of the digital assets making its debut in Japan through the launch.
Japanese customers who are already a part of the Binance ecosystem through a global account can migrate their profile after August 14, 2023. They will have to undergo the new KYC process to verify their identities.
On top of spot trading, users of Binance Japan will gain access to Earn products. This will help them bag some of the most attractive rewards for their participation. For instance, Simple Earn will enable them to earn rewards every day by depositing a digital asset of their preference. The amount may vary; however, the reward will be accumulated in their account nonetheless. The second aspect of Earn offering does not necessarily roll out a reward, but it does give away an interesting feature to the users.
Auto-Invest mitigates the need for manual intervention for investing in digital assets. Users can leverage the functionality to set intervals at which they want the system to make crypto investments for them at a predetermined amount.
The deposit and withdrawal services by Binance Japan under Spot trading bring the Japanese Yen into the picture. Users can utilize the fiat currency to buy digital assets and add them to their wallets. Not just BNB but other assets that can be bought are BTC, ETH, ALGO, SAND, and ADA, to mention a few. Deposits are expected to start at the earliest, but withdrawal windows will open only after August 20, 2023. One can learn about the process through our Binance exchange review, including the steps to register on the platform.
Binance has expressed confidence in its announcement, stating that it is willing to contribute to the technological innovation of the country. They have also acknowledged the rising interest of the government in blockchain solutions, something that is indeed noteworthy per the announcement. The goal is to architect a robust and sustainable ecosystem for Web3 so as to boost the rise of the digital asset market.
Moving forward, Binance looks to support the current momentum while welcoming the new wave of Web3 adopters. Japan now has a regulated exchange platform with a global experience.
Source: https://www.cryptonewsz.com/binance-japan-opens-up-for-japanese-residents/