Binance ‘entry into Japanese market’ draws mixed reactions
Japanese netizens have mixed reactions to the possible entry of leading crypto exchange Binance into the Japanese market, with some comparing it to the arrival of an American naval fleet in the 1850s that eventually led to Japan’s modernization.
They shared their opinions on social media after Bloomberg News reported on September 26 that Binance was preparing to apply for registration in Japan, citing multiple sources.
Some expected that Binance’s entry would revitalize Japan’s crypto asset market, commenting that “Binance is going to become the dominant player” and “The Black Ships have arrived.” Some also expected Binance would bring in competition, thereby lowering exchange fees among existing players in Japan.
The Black Ships is a term used to describe American warships led by Commodore Matthew Perry. The fleet arrived in the waters off Tokyo in 1853 to demand the then-isolationist shogunate begin trade with the U.S.
Other users, however, voiced concerns that Binance’s lineup of crypto assets in Japan might not be as broad as it was elsewhere due to the country’s rules. “I have a bad feeling about this. Under Japan’s current system, each crypto exchange has to register the crypto assets it handles. They function as a sort of ‘white lists’”, one user commented.
Binance was established in July 2017 and, according to its official website, has a 24-hour trading volume of US$76 billion, 90 million registered users, and the ability to buy, sell, and hold over 600 types of virtual currencies.
However, the site has not registered itself as a “crypto asset exchange” with the Financial Services Agency and the Finance Bureau yet. Between March 2018 and June 2021, the FSA twice issued warnings to Binance for operating a crypto exchange business without registration.
As of 4pm on September 26, the official Binance website has made no announcement on Bloomberg’s report.