The Binance officials have revealed that they are planning to make a comeback in the Japanese cryptocurrency market.
The officials have confirmed that they want to do it in a formal manner so their entry is welcomed in Japan. For this purpose, the exchange will be needing a permit issued by the regulatory authorities in Japan.
Binance Wants to Re-enter Japan
After good 4 years of leaving Japan, Binance is eager to return to Japan. The country has proven to be a land of opportunities for the cryptocurrency and blockchain sectors.
When it comes to crypto-blockchain adoption, Japan is on the same level as South Korea, which is also proving to be a crypto hub.
Binance is currently the largest cryptocurrency exchange in the entire world with over 40 million users all over the world.
However, the exchange had to leave Japan 4 years back as it fully shut down its operations in the country. Now the exchange wants to return and to make it happen, it needs regulatory approval.
Why Binance wants to return?
As Japan was one of the friendliest countries towards cryptocurrencies, it had to face multiple issues. The growing cryptocurrency adoption in the country was becoming the sole reason the country started to fear for its economy.
Therefore, the country had to introduce strict regulatory policies surrounding cryptocurrencies. As things became quite impossible or unacceptable for Binance, it decided to leave the market for good.
However, under the rule of the current Prime Minister of Japan, Fumio Kishida, the cryptocurrency industry has started to feel great support.
During his tenure, the cryptocurrency laws have experienced a great relaxation and things have started looking quite promising for international cryptocurrency platforms.
Therefore, Binance feels it is the right time to re-enter the market and make the most out of the opportunity.
Japan’s New Economic Policy
As global economic pressure is rising all over the world, countries are adopting different strategies and tactics to boost their economies.
Japan finds it convenient to welcome more cryptocurrency opportunities to make its citizens more independent. With more freedom for the citizens, the economy of the country will definitely resurge.
The country is focusing heavily on the adoption of digital assets and advanced technologies. The country is also focused on the adoption of multiple projects related to virtual reality and the metaverse.
Binance sees this as an absolute opportunity to make its presence known in the country. Japan is also very welcoming toward NFTs and Binance has its own NFT marketplace that needs a lot of user base.
When Binance left Japan in 2018, it was accused by the regulatory authorities that it was not adhering to the KYC policies. However, with pressure building up on the exchange on a global scale, Binance announced its adoption of the KYC policy.
Now, with the KYC concern out of the way, Binance feels it will be allowed to operate in Japan.