Binance created significant buzz earlier this month with its re-entry into the Japanese market. The Japanese arm of the exchange unveiled its plan to introduce a minimum of 100 tokens on its platform in the coming months. At present, the company has 34 tokens. This quantity is over three times greater than the current selection.
Currently, Binance offers Bitcoin [BTC], Ethereum [ETH], XRP, Litecoin [LTC], and Cardano [ADA]. The platform also entails an array of tokens associated with DeFi and Web3-based blockchain games. Tokens such as Solana [SOL], Aster [ASTR], Avalanche [AVAX], Jasmy [JASMY], and Axie [AXS] are currently among the options available to users. Additionally, meme-inspired coins such as Dogecoin [DOGE] and Shiba Inu [SHIB] are also included.
Additionally, a spokesperson for Binance Japan stated that the company’s strategy involved collaborating with fellow domestic cryptocurrency exchanges. Through this, the firm intends to enhance market liquidity within the country.
Presently, Binance Japan primarily offers services such as spot trading and crypto asset lending products. Since margin trading is not presently accessible, the company intends to introduce futures trading at a level consistent with the global version. However, this will occur once the necessary license as a primary financial instrument, or business operator is acquired by the exchange.
Also Read: Binance Launches Crypto Exchange in Japan
Will EOS be a part of Binance soon?
Japan’s cryptocurrency regulatory body has granted approval to the EOS token. The Japan Virtual and Crypto Asset Exchange Association [JVCEA], a self-regulatory organization overseeing crypto exchanges in the nation with a focus on investor protection, oversaw this approval. Through this, EOS will be trading against the Japanese yen on regulated exchanges within the region.
Yves La Rose, CEO of the EOS Network Foundation, spoke about the firm’s latest achievement and said,
“Securing regulatory approval from the JVCEA is a monumental achievement for EOS, affirming our steadfast commitment to compliance. This landmark approval ushers in new prospects for EOS in the Japanese market, fostering stronger connections with discerning businesses and developers seeking robust blockchain solutions, in particular within the gaming industry.”
The price of EOS got a boost from the overall market sentiment. At press time, the asset was trading at $0.6249 with a 7.61% daily surge. EOS surged from a low of $0.5796 all the way to a high of $0.638.
Despite the Relative Strength Index [RSI] indicator pointing to an overbought condition of the asset, there were indications of an upcoming trend reversal. The Parabolic SAR indicator, represented by dotted lines above the candlesticks, demonstrated a resistance line against potential short-term upward movements. This notion was reinforced by a bearish crossover noted on the MACD indicator.
Also Read: Japan Blockchain Association Calls for Crypto Tax Revision