Binance will launch a full range of services in Japan
Date: 2023-07-25 Author: Karina Ziganova Categories: BUSINESS, IN WORLD
Cryptocurrency exchange Binance will deploy a full range of services on the new Japanese platform in August. This was announced by the founder of the exchange Changpeng Zhao at a conference in Tokyo, Bloomberg reports
Binance Local CEO Takeshi Chino also stated that the company could launch stablecoins for the Japanese market. The news comes after the country's stablecoin law came into force on June 1, which allows licensed Japanese banks, registered money transfer agents and trust companies to issue tokens.
Binance's head of regional markets, Richard Teng, added that signs of interest in crypto from traditional financial players could spur "mass adoption at a much faster pace" of cryptocurrency services in Japan.
Buying the Sakura crypto exchange
In November last year, Binance bought out Japanese cryptocurrency exchange Sakura Exchange BitCoin (SEBC) to expand its operations in the region. Then it was reported that in this way the largest crypto exchange will be able to operate in the Japanese market as an organization regulated by the Japan Financial Services Agency (JFSA). The terms of the deal were not specified.
In June, Binance opened a representative office in Japan after services at SEBC were suspended on May 31. After that, the exchange restarted under the new name Binance Japan. The launch of the crypto exchange was Binance's first successful attempt to enter the Japanese market in five years.
Abbreviations in Binance
Despite Binance's full readiness to enter the Japanese crypto market, the company is going through hard times. In mid-July, the media reported that the exchange had laid off more than 1,000 employees and could reduce staff by another 30%. The reason for the optimization of the state was the regulatory and legal obstacles that Binance faced in the United States and a number of European countries.
Binance confirmed the layoffs, but did not specify exactly how many employees lost their jobs. Sources claim that the cuts affected all divisions of Binance, but the customer support service suffered the most.
In addition, the company has significantly reduced employee benefits. They were no longer provided with certain benefits, including reimbursement for mobile communications, fitness and remote work. However, in the future, the platform may revise its policy.
