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Coinbase Leaves Japan After Trade Collapse

Even if Bitcoin’s price has returned to where it was before the FTX crash, the sector is still being negatively affected by the contagion, which has forced the cryptocurrency exchange Coinbase to cease operations in Japan.

Due to the current state of the market, Coinbase made the decision on January 18 to publicly declare that the company would be closing its offices in Japan and conducting an in-depth analysis of its operations in the nation. By the 16th of February, all Coinbase Japan clients will have about one month to remove any fiat currency or cryptocurrency assets from the site.

After the 17th of February, any cryptocurrency assets that are still being held by clients of Coinbase Japan will be immediately converted to the Japanese yen (JPY).After the 20th of January, deposits in fiat money will no longer be possible.

The outlined the principles that customers would have the ability to transfer their assets to any other virtual asset service provider, a self-custodial wallet, or the Coinbase Wallet if they so want. Customers also have the option to liquidate their portfolios and transfer their assets to a bank account in their home country.

Coinbase emphasized that the platform is dedicated to make the service termination as seamless as possible, guaranteeing consumers that all users will be able to withdraw their funds at the earliest feasible convenience.

According to prior reports, Coinbase began the planning stages for its entrance into Japan in the midst of 2018’s weak market. Coinbase is the latest major cryptocurrency exchange to pull out of Japan, following in the footsteps of Kraken, which made the same decision in late 2022 to end its business activities in the nation.

The exchange said that it experienced comparable issues in Japan, noting the country’s underdeveloped cryptocurrency sector.

Kraken and Coinbase have both dramatically cut the size of their workforces, with Kraken terminating the employment of thirty percent of its workforce not long after the failure of the FTX exchange in November. Coinbase, which had already trimmed its personnel by 18% in the previous year, stated in January that it would be cutting a further 20% of its employees.

Binance Introduces BNB/JPY, BTC/JPY, and ETH/JPY Trading Pairs with Zero-Fee Promotion

Binance, the world’s leading cryptocurrency exchange, has announced the addition of three new trading pairs – BNB/JPY, BTC/JPY, and ETH/JPY – to its spot trading platform. The new trading pairs will be available for trading starting from March 12, 2024, at 08:00 UTC.

To celebrate the launch of these JPY spot trading pairs, Binance is introducing a zero-fee trading promotion for all JPY spot trading pairs. During the promotion period, which runs from March 12, 2024, 08:00 UTC to April 11, 2024, 07:59 UTC, all users will enjoy zero maker and taker fees on any JPY spot trading pairs.

The zero-fee promotion applies to all existing and upcoming JPY spot trading pairs. However, it’s important to note that the trading volume on these pairs will be excluded from the VIP tier volume calculation and all Liquidity Provider programs during the promotion period. Additionally, BNB discounts, referral rebates, and any other adjustments will not apply to JPY spot trading pairs during the promotion.

The introduction of these new trading pairs and the zero-fee promotion is part of Binance’s ongoing efforts to expand its offerings and enhance the trading experience for its users. By providing more trading options and incentives, Binance aims to attract more users to its platform and strengthen its position as a leading cryptocurrency exchange.

JPY, the official currency of Japan, is a significant addition to Binance’s supported fiat currencies. The inclusion of JPY trading pairs will make it easier for Japanese users to access and trade popular cryptocurrencies like BNB, BTC, and ETH using their local currency.

Binance has reminded users that JPY is a fiat currency and does not represent any other digital currencies. The exchange also reserves the right to disqualify trades that are deemed to be wash trades, illegally bulk account registrations, or trades that display attributes of self-dealing or market manipulation.

As the crypto market continues to evolve and mature, the addition of more fiat currency trading pairs is expected to increase adoption and make it more convenient for users to participate in the cryptocurrency ecosystem. Binance’s move to introduce JPY trading pairs and offer a zero-fee promotion is likely to attract more Japanese users and contribute to the overall growth of the crypto market in the region.

Binance Expands Convert Service with Japanese Yen Integration

Binance, one of the world’s leading cryptocurrency exchanges, has announced the addition of the Japanese Yen (JPY) to its Binance Convert service. This strategic move will enable users to seamlessly trade JPY against Bitcoin (BTC), Tether (USDT), and a range of other tokens supported by the platform.

The integration of JPY into Binance Convert is set to enhance the platform’s accessibility and provide users with more flexibility in managing their cryptocurrency portfolios. With zero fees on conversions, this addition is expected to attract a substantial number of users looking to take advantage of the ease of trading between JPY and various digital assets.

The announcement, made on March 12, 2024, outlines the simple steps required to utilize the new feature. Users can access Binance Convert by visiting the Binance website, selecting “Trade,” and choosing “Binance Convert” from the pop-up menu. Mobile users can also enjoy this functionality by opening the Binance App, tapping “Trade,” and selecting “Convert” from the top menu.

Moreover, starting from March 14, 2024, users will have the option to subscribe to Binance Auto-Invest plans using JPY, broadening the scope of investment strategies available on the platform.

The addition of JPY reaffirms Binance’s commitment to providing a more inclusive financial ecosystem by accommodating a major fiat currency. It is crucial to note that JPY is a fiat currency and does not represent any digital currency, ensuring clarity for users dealing with conversions on the platform.

Binance’s continuous efforts to expand its services and integrate new features underscore the exchange’s position as a leading force in the cryptocurrency industry. This initiative is a testament to Binance’s adaptability and its drive to cater to a global audience, recognizing the importance of the Japanese market in the crypto space.

The introduction of JPY to Binance Convert follows a series of updates and enhancements aimed at improving user experience and expanding the platform’s offerings. With Binance’s proven track record of innovation and growth, this latest update is likely to be well-received by both existing and new users.

In light of the digital asset market’s high volatility, Binance reminds users to exercise caution and consider their investment experience, financial situation, and risk tolerance before engaging in trades. The platform also recommends consulting an independent financial adviser for those who are uncertain about their investment decisions.

Binance Extends Zero-Fee Trading for JPY Spot Trading Pairs

Binance has responded to popular demand by extending the zero-fee trading promotion for JPY spot trading pairs. This means that users can trade JPY spot pairs on the Binance platform without incurring any maker or taker fees.

The promotion applies to both existing and new JPY spot trading pairs. Users can refer to the Binance support page for more information on the promotional spot and margin trading pairs.

It’s important to note that JPY is a fiat currency and does not represent any other digital currencies. Only Binance Japan users can deposit or withdraw JPY. Binance.com users are not able to deposit or withdraw JPY from their Binance accounts.

During the promotion period, the trading volume on all existing and new JPY spot trading pairs will be excluded from the VIP tier volume calculation and all Liquidity Provider programs, where applicable.

BNB discounts, referral rebates, and other adjustments will not apply to any JPY spot trading pairs during the promotion. Standard trading fees will apply once the promotion ends.

Binance has previously added JPY trading pairs such as BNB/JPY, BTC/JPY, and ETH/JPY, and has launched zero-fee trading for JPY spot trading pairs to cater to the growing demand from Japanese users.

Users can find more information about the terms and conditions of the promotion on the Binance support page. Binance reserves the right to disqualify trades that are deemed to be wash trades or display attributes of self-dealing or market manipulation.

As with any investment, users should be aware that digital asset prices are subject to high market risk and price volatility. They should carefully consider their investment experience, financial situation, investment objectives, and risk tolerance before making any investment decisions.

In conclusion, Binance’s extension of zero-fee trading for JPY spot trading pairs demonstrates their commitment to providing a seamless trading experience for users. This promotion allows users to trade JPY spot pairs without incurring any fees, making it more accessible and cost-effective for traders.