Binance Sets To Return In Japan Amid Crashing Crypto Market

Changpeng Zhao, CEO of the world’s biggest crypto exchange, Binance is trying to re-enter Japan after a long period of 4 years.

Binance hinting at major plans?

As per the report, Binance is moving to secure a license to operate in Japan as it didn’t have a permit there earlier. The East Asian country has shown an effortless approach toward digital assets and its potential user growth.

This straight stance of the Japanese govt has reignited the Binance’s interests to re-enter the East Asian country. However, Japan is the third largest economy in the world. So, the world’s largest crypto exchange this move can prove beneficial for it.

According to the report, Binance’s spokesperson refused to share any comment on its conversation with regulators. However, he mentioned that the crypto exchange is committed to working with policymakers and regulators. It is dedicated to forming policies that protect users and encourage the industry to move forward.

Earlier, Coingape reported that Binance received the Minimal Viable Product (MVP) license in Dubai. Virtual Asset Regulatory Authority (VARA) granted a permit to the crypto exchange to open a user money account with domestic banks.

Japan to grant permit?

However, Japanese Prime Minister Fumio Kishida’s agenda to boost their economy mentions the growth of Web3 firms. Earlier, the East Asian country’s regulator suggested relaxing taxes on digital assets. This comes after major groups raised their voices for changes in high corporate taxes. While some firms also relocated to Singapore over these concerns.

Binance Chief, CZ trenches Japan in 2018 after hinting at a plan to build a base there. However, this announcement led securities regulators to start inquiries over the exchange. The watchdog also issued an official notice to stop operating in the country without any license.

Meanwhile, Binance received multiple warnings years later for not following the specific rules.