Binance Japan Announces Launch Details, Set to Become Top Domestic Exchange with 34 Cryptocurrencies

Binance Japan has announced detailed plans for its upcoming cryptocurrency exchange service, aiming to launch within August. The announcement was made on August 1, 2023.

Binance Japan will handle 34 cryptocurrencies, surpassing major domestic competitors such as Bitbank (30 cryptocurrencies), GMO Coin (26 cryptocurrencies), and Coincheck (22 cryptocurrencies). This makes Binance Japan the top domestic exchange in terms of the number of cryptocurrencies handled at launch.

Binance Japan will initially offer two main services: a “cryptocurrency exchange” that matches user-to-user trades, and a “cryptocurrency sales office” that displays a single selling price in real-time. Leverage trading, which involves buying and selling assets using borrowed funds, will not be provided.

Binance’s exchange token, “Build and Build (BNB),” is expected to be listed in Japan for the first time. Binance Japan will also offer features like “Simple Earn,” where users can deposit their crypto assets and earn interest, an “NFT Marketplace,” “Auto Invest,” and “API Connection” functionalities.

Binance Japan has decided not to provide leverage trading, as obtaining the required “Type 1 Financial Instruments Business” license in Japan involves strict standards. The listing of certain cryptocurrencies like Solana (SOL), Astra (ASTR), Avalanche (AVAX), Jasmine (JASMY), and Axie (AXS) indicates an intention to attract experienced users.

Binance Japan is also considering or preparing to list domestic unlisted cryptocurrencies, though no specific details have been announced at this time. Binance announced the acquisition of the Financial Services Agency-registered exchange company Sakura Exchange Bitcoin (SEBC) in November 2022. The transition to a new management structure and the transfer of all shares to Binance Holdings were subsequently announced.

Binance Holdings’ CEO, Changpeng Zhao (CZ), participated in the international conference WebX on July 25, announcing the full service offering in Japan starting in August.

Binance Japan’s announcement marks a significant step in expanding its presence in the Japanese market. By offering the highest number of cryptocurrencies at launch and introducing unique features, Binance Japan is positioning itself as a major player in the domestic exchange landscape. The decision to exclude leverage trading aligns with the regulatory environment in Japan, reflecting a cautious approach to compliance. The inclusion of specific cryptocurrencies and additional services indicates a targeted strategy to cater to various user needs and preferences.

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Japan’s Crypto Exchange Coincheck to List on NASDAQ Stock Market in July 2023

Coincheck, a major crypto exchange in Japan, announced on Friday plans to complete its listing on Nasdaq via a merger with special purpose acquisition company (SPAC) Thunder Bridge Capital Partners IV on July 2, 2023.

Coincheck said the plans to pursue a public stock offering in the US through Nasdaq would give the firm access to the country’s lucrative capital markets.

The exchange said that the move would enable it to expand its crypto asset business by accessing the U.S. capital markets, gaining exposure to global investors, and recruiting talent to realize its growth strategy. Coincheck majority owner Monex Group stated in a U.S. Securities and Exchange Commission (SEC) filing.

Coincheck announced its public-listing ambitions in March of this year. During that time, its merger with Thunder Bridge Capital was valued at $1.25 billion.

SPACs were the hottest way crypto firms use to hit the public market in 2020 and 2021, but the craze has cooled this year amid an overall market downturn along with added Securities and Exchange Commission (SEC) regulations.

Since June this year, the SEC is now more cautious about the overall SPAC process, especially crypto-linked deals, to enhance investor protection.

SPACs overall have been very volatile and on a downward trajectory this year. Crypto companies aiming to go public through SPACs may be running out of time to close the deals, as they appear stuck on the sidelines after failing to find a buyout target.

Circle Internet Financial, the backer of the “stablecoin” USD Coin, has been trying to go public with a SPAC called Concord Acquisition (CND) since July last year.

Also, on the sidelines is a crypto/SPAC deal between eToro Group, an Israel-based online brokerage, and FinTech Acquisition Corp. V (FTCV), a SPAC backed by veteran financier Betsy Cohen. The companies canceled their merger in early July after they couldn’t close the transaction by its June 30 deadline. Failure to gain clearance from the SEC was one of the reasons the deal went bust.

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Japan’s Coincheck to List on Nasdaq via SPAC Merger with $1.25 Billion Valuation

Coincheck, a major crypto wallet and exchange service in Japan, announced Tuesday that it plans to go public in the U.S. by merging with blank-check firm Thunder Bridge Capital Partners IV Inc. - 2022-03-23T153252.658.jpg

The merger is scheduled to be completed in the second half of 2022, which will see the combined entity listed on the Nasdaq Global Select Market under the ticker “CNCK.”

The proposed transaction is set to give the combined entity a valuation of about $1.25 billion.

Before expenses and assuming there are no redemptions by shareholders, Thunder Bridge will offer $237 million in cash to the combined company.

Coincheck is 94.2% owned by Japanese online brokerage Monex Group Inc, which will retain all the existing entities at closing, representing ownership of about 82% in the new entity.

Once the closing is done, Gary Simanson, the CEO and President at Thunder Bridge, will become the CEO of the combined company.

Building Innovation Capability for Service Delivery

Founded in 2014 and headquartered in Tokyo, Coincheck is a marketplace for buying and selling cryptocurrencies and an exchange for digital assets like non-fungible tokens. The exchange has about 1.5 million customers.

In January 2018, Coincheck was hacked, and approximately 500 million NEM tokens ($530 million) were stolen. As a result, the digital money heist prompted The Financial Services Agency, Japan’s financial regulator, to tighten regulatory scrutiny. The agency not only ordered Coincheck to improve its security practices but also called for an improvement in the risk management infrastructure of all other crypto exchanges in the country.

In April 2018, Coincheck was acquired by Monex Group for 3.6 billion yen (US 33.4 million). The acquisition was a reaction to the NEM hack, as Coincheck recognized that it needed to strengthen its management system and organization. The move directly responded to Japan’s Financial Services Agency, which requested the exchange to make changes following the January hack — which saw Coincheck compensating the affected users.

During that, Monex Group cited hopes to hold an IPO (initial public offering) of Coincheck shares at a future date. The plan is currently being actualized through the ongoing efforts to list the exchange on the Nasdaq stock exchange through a special purpose acquisition with Thunder Bridge Capital.

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IOST Summary for 2020: From Hyperledger, BSN, and DeFi

Beyond prices, crypto and blockchain have had a fruitful 2020. Across the globe, the coronavirus pandemic caused a paradigm shift. The result was more influx of investors and their doubling down on several potent projects.

In all this, IOST is emerging as a leader in smart contracting. In every performance angle, the enterprise-grade network compares—and even exceeds Ethereum in some metrics. 

For this, the concluding ranking from China’s CCID ranked IOST as the best blockchain platform under Basic Technology, better than Ethereum, EOS, and every other smart contracting platform evaluated by the agency. 

It shows the quality and the ability of the development team to roll out a product that’s better, innovative, and reflective of their true desire to be the best in the sphere.

Olympus, Hyperledger, and NFT

Over and above this highlight, the IOST platform scored some important milestones development-wise, and their ability to adapt to changing landscapes was unparalleled. In the first half of 2020, IOST developers launched the updated version of the Olympus

Roughly a year after launching the first version of Olympus, IOST kept on improving and decentralizing. Within 12 months, they had attracted over 400 partner nodes to be one of the most decentralized and high performant networks. Version 3.2.2 of Olympus completed the cryptographic library, laying the framework for interoperability and atomic swapping. Added features included tools for cropping block data reducing block space, and stabilizing nodes leading to a more resilient network. 

Beyond this, the Enterprise Arm of IOST, Aiou Technology, officially joined Hyperledger alongside Walmart, Clear, and Conduent to “strengthen the community and promote the development of the blockchain industry.” Of note, Hyperledger is guided by the open-source and decentralization spirit according to blockchain principles dictate. 

IOST also unveiled a new staking mechanism under the IOST Node Program v2.0, reducing the time users take to unstake their assets. Before this, there was a one-week freeze period for unstaking. It now takes three days, introducing more flexibility and a channel for IOST users to enjoy higher returns.

Additionally, IOST activated the IRC-721 NFT Standard, a huge milestone considering the increasing significance and application of non-fungible tokens (NFTs). Unlike existing NFT standards in competing platforms, IRC-721 introduces a seamless mode of cross-chain transfer of assets. 

NFTs are unique, indivisible, and not interchangeable. The standard made it easier for developers to use it, allowing them to easily issue out NFTs from a scalable and cheap platform. Conversely, there would be an opportunity for network users to promote NFTs, consequently helping increase the circulation of these digital assets within the IOST ecosystem. 

Collaboration with Governments and Enterprises

On the collaboration front, the enterprise-grade blockchain joined hands with the Coinbene Blockchain Research Institute for the overarching objective of accelerating partnerships between governments and enterprises. 

Under this deal, IOST and Coinbene would explore blockchain technology, create innovative solutions, build brands, and deepen the collaboration between governments and businesses. IOST was also the first firm to be interviewed and advertised by Amazon AWS China as part of their collaboration that will see IOST deploy their servers using Amazon AWS infrastructure.

Aiou Technology also became a qualified developer of China’s Blockchain-based Service Network (BSN). BSN is a China-led project looking to create a new base layer cheaply connecting regions, governments, and enterprises. 

It is backed by China’s State Information Center (SIC) with support from multi-billion firms, including Unionpay and Red Date Technology. They also deepen their collaboration with the Chinese government to foster blockchain adoption after joining hands with the National Archives Administration.

Development in H2: Focus on DeFi and NFT

The second half saw IOST adapting, and prioritizing the development of a vibrant DeFi ecosystem. Towards this end, they have partnered with ProDeFi, Ramp DeFi, Watermelon, Bidao, Proxi, Pumpkin, Aegis DeFi, and PowerDEFI, even launching a $1 million program to bootstrap the growth of DeFi, especially Oracles, and another $6 million DeFi incentive program

However, it also continued to extend its presence in other SE Asia countries, especially in Japan. For instance, the IOST coin is now listed at CoinCheck, INDODAX—the largest Indonesian digital asset exchange, and Huobi. Besides, a Japanese political party, SANSEITO, is now using IOST for voting after implementing GUILD developed by PHI—an IOST partner in Japan.

IOST also worked with several partners to promote gaming and spark the development of NFT projects. For example, they distributed 1,000 redeemable NFTs to celebrate the launch of Pumpkin, embarked on another giveaway to celebrate their listing at CoinCheck, and another yearlong Limited Edition NFT badge program.

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Donnie Finance and IOST Partner, DON Listed at CoinOne

Donnie Finance and IOST Partner, DON Listed at CoinOne

Donnie Finance and IOST Partner, DON Listed at CoinOneIOST is partnering with Donnie Finance, a DeFi project that aims to launch six financial services, an announcement on Dec 4, reads. CoinOne Lists DON Governance Token Coinciding with their partnership is the listing of Donnie Finance’s governance token, DON, on CoinOne. The exchange is one of the largest in the world and dominant in crypto-receptive

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