Binance Japan to Bring the Total Number of Supported Cryptocurrencies to 100 (Report)

The Japanese subsidiary of Binance will reportedly provide trading services with additional digital currencies in the near future. 

The crypto behemoth re-entered the Land of the Rising Sun earlier this summer after departing in 2018 due to regulatory problems. 

• According to a Bloomberg coverage, Binance Japan will soon increase the number of supported cryptocurrencies on its platform to 100.
• Tsuyoshi Chino – a representative at the firm – said the entity will aim to secure liquidity and bring best market practices by cooperating with other Japanese exchanges.
• He also raised hopes that the local authorities will implement a comprehensive regulatory regime that could let the cryptocurrency industry thrive:

“I feel that there is a clear intention to create a foreseeable situation with well-developed regulations and to allow business to take place in that environment.” 

• Binance revealed its intentions to return to Japan by acquiring Sakura Exchange BitCoin (SEBC) in November last year for an undisclosed sum.
• This allowed the Japanese arm of the trading venue to start providing crypto services five years after it left the country due to issues with domestic watchdogs.
• Initially, the supported digital assets from Binance Japan were 34, including Bitcoin (BTC), Ethereum (ETH), Binance Coin (BNB), Cardano (ADA), Dogecoin (DOGE), Polygon (MATIC), Litecoin (LTC), and many more.
• It is worth mentioning that this is the largest number of tokens offered by any crypto exchange in the country. Clients had until mid-August to comply with the new Know Your Customer (KYC) rules and jump on board.

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