- Binance is now offering Japanese yen (JPY) spot trading on its website. The promotion starts on March 12 and there are no fees to attract traders.
- The exchange is trying to make better connections with Japan. They are starting a new branch there and following the rules for Japanese people. They are also teaming up with others to make stablecoins using regular money, to help cryptocurrency grow in Japan.
Binance, a big cryptocurrency exchange, is adding more services by letting people trade with Japanese yen on its platform.
The big change will start on March 12. It’s an important step for Binance to do better in Japan and reach more people who trade in cryptocurrency around the world.
Free promotion to start new trading pairs without any fees
Binance is celebrating the launch of new yen-crypto pairs by offering zero fees for one month. This plan will bring in lots of new and current traders by letting them trade without paying any fees.
Binance is adding JPY trading pairs for BNB, BTC, and ETH. This shows they want to give more trading choices and make it easier to buy and sell these cryptocurrencies on their platform.
Building stronger connections with Japan
Binance wants to add JPY trading pairs to get closer to the Japanese market. In August, the exchange made a smart decision by creating a division for trading in Japan. This shows that they are getting back into the Japanese market after a break since 2021. This means Binance is committed to following the rules and serving the Japanese crypto community better.
In addition, Binance stopped operating in Japan in December of last year, as announced on its website. This was a part of a bigger plan to make sure its services followed the rules and changing market in Japan.
Working together on projects and following rules
Binance is working with other companies to see how they can use stablecoins in Japan. Mitsubishi UFJ Trust and Banking Corporation (MUTB) are working together to research and possibly start using yen and other types of money in digital form by the end of 2024. Binance Japan wants to put 100 different tokens on its platform. They have added three new trading pairs, which makes a total of 50 tokens available.
Japan is changing its rules to help the crypto industry grow in the country. The Japanese cabinet recently changed the tax rules so that companies don’t have to pay taxes on any profits they make from crypto that they haven’t sold yet. Also, a plan that lets investment companies put money into crypto startups has been given the go-ahead. This shows that the government supports new ideas and investment in cryptocurrency.
Conclusion
Binance is now trading Japanese yen, which is a big step for their plans to grow globally and focus on the Japanese market. Binance is planning to improve its services and help the cryptocurrency industry grow in Japan and other places by offering free trading, teaming up with local banks, and following Japan’s new rules.
Warning: This is not trading advice.