Binance Makes a Move on Japan

cryptonews.com:

Major crypto exchange Binance is seeking a license to operate in Japan, four years after leaving the country, Bloomberg reported, citing people familiar with the matter.

The move comes as Japan looks to adopt more web3-friendly policies and shows a generally friendlier approach to crypto. Additionally, “substantial potential for user growth” is cited as a key reason behind the exchange’s renewed interest in the land of the rising sun.

Asked about this move, a Binance spokesperson was quoted as saying that,

“It would be inappropriate to comment on any conversations with regulators.”

They added that the exchange is “committed to working with regulators and policymakers to shape policies that protect consumers, encourage innovation, and move our industry forward.”

The Financial Services Agency (FSA), Japan's crypto market regulator, declined to comment.

The largest crypto exchange by trading volume had to exit Japan as it did not have the necessary permit to operate. More precisely, in 2018, Binance abandoned its plan to build a base in Japan, following inquiries from the securities regulator that subsequently led to a notice to stop operating in the country without a license.

Meanwhile, the FSA recently released a new series of financial administration policy recommendations, which speak of crypto in a much more positive tone than has lately been the case.

The news came as the Japanese government pivoted toward a pro-industry stance. As previously reported, Prime Minister Fumio Kishida has spoken in glowing terms about Web3, the metaverse, and non-fungible tokens (NFTs), all of which he thinks have the power to spur on the Japanese economy.

Kishida has also spoken about his intention to reform the laws governing the way crypto is