Tag: binance japan

Binance Japan Announces Launch Details, Set to Become Top Domestic Exchange with 34 Cryptocurrencies

Binance Japan has announced detailed plans for its upcoming cryptocurrency exchange service, aiming to launch within August. The announcement was made on August 1, 2023.

Binance Japan will handle 34 cryptocurrencies, surpassing major domestic competitors such as Bitbank (30 cryptocurrencies), GMO Coin (26 cryptocurrencies), and Coincheck (22 cryptocurrencies). This makes Binance Japan the top domestic exchange in terms of the number of cryptocurrencies handled at launch.

Binance Japan will initially offer two main services: a “cryptocurrency exchange” that matches user-to-user trades, and a “cryptocurrency sales office” that displays a single selling price in real-time. Leverage trading, which involves buying and selling assets using borrowed funds, will not be provided.

Binance’s exchange token, “Build and Build (BNB),” is expected to be listed in Japan for the first time. Binance Japan will also offer features like “Simple Earn,” where users can deposit their crypto assets and earn interest, an “NFT Marketplace,” “Auto Invest,” and “API Connection” functionalities.

Binance Japan has decided not to provide leverage trading, as obtaining the required “Type 1 Financial Instruments Business” license in Japan involves strict standards. The listing of certain cryptocurrencies like Solana (SOL), Astra (ASTR), Avalanche (AVAX), Jasmine (JASMY), and Axie (AXS) indicates an intention to attract experienced users.

Binance Japan is also considering or preparing to list domestic unlisted cryptocurrencies, though no specific details have been announced at this time. Binance announced the acquisition of the Financial Services Agency-registered exchange company Sakura Exchange Bitcoin (SEBC) in November 2022. The transition to a new management structure and the transfer of all shares to Binance Holdings were subsequently announced.

Binance Holdings’ CEO, Changpeng Zhao (CZ), participated in the international conference WebX on July 25, announcing the full service offering in Japan starting in August.

Binance Japan’s announcement marks a significant step in expanding its presence in the Japanese market. By offering the highest number of cryptocurrencies at launch and introducing unique features, Binance Japan is positioning itself as a major player in the domestic exchange landscape. The decision to exclude leverage trading aligns with the regulatory environment in Japan, reflecting a cautious approach to compliance. The inclusion of specific cryptocurrencies and additional services indicates a targeted strategy to cater to various user needs and preferences.

Liquid Partners with Binance to Enhance Identity Verification with eKYC Solution in Japan

Liquid Inc., the company responsible for Japan’s widely recognized eKYC solution “LIQUID eKYC,” announced a strategic partnership with Binance, the world’s largest cryptocurrency exchange by trading volume and users, on August 10, 2023.

In the initial phase of this collaboration, Liquid’s identity verification service, LIQUID eKYC, will be provided to Binance Japan. The service leverages top-in-class facial authentication through unique AI-based image processing capability, ensuring smooth identity verification in line with the legal and security framework of each country.

Takeshi Chino, General Manager for Japan at Binance, emphasized the importance of the partnership, stating, “Binance’s robust KYC framework plays a critical role in protecting the platform, users and community, and the entire ecosystem from potential threats. We are excited to launch our Japan platform in a fully compliant manner with stringent and comprehensive eKYC solutions enabled by Liquid. Binance will continue to uphold a high standard of safety and compliance in Japan.”

LIQUID eKYC is renowned for its low user drop-off rate, thanks to its superior facial recognition and ID document image recognition technologies. It has been implemented across various industries, including banks, cryptocurrency exchanges, Web3-related services, telecommunications carriers, second-hand goods buyers, the sharing economy, dating applications, and metaverse-related services.

Hiroki Hasegawa, CEO of Liquid, expressed satisfaction with the collaboration, saying, “We are pleased to provide the necessary service that will allow them to continue serving more users in a secure and compliant manner.”

Liquid aims to create a seamless world where all 7.7 billion people can easily and safely use services through automatic and ubiquitous authentication. They offer Digital ID, KYC, and Authentication services, adapting flexibly and quickly to changes in legal and security frameworks.

This partnership between Liquid and Binance signifies a significant step towards enhancing the security and compliance of cryptocurrency exchanges in Japan. By integrating Liquid’s advanced eKYC solution, Binance reinforces its commitment to providing a safe and regulated platform for its users in the Japanese market.

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