Binance to launch Japanese yen spot trading pairs for BNB, BTC, ETH globally

Cryptocurrency exchange Binance announced Thursday that it is adding BNB, BTC and ETH spot trading pairs with the Japanese yen (JPY) on its global platform and Japanese trading arm, scheduled for March 12. 

Upon commencement, the exchange said it will start a zero-fee promotion for the new yen-crypto pairs that lasts one month, according to its announcement. 

Binance has recently been expanding its ties with Japan, after setting up the local trading division in August, re-entering the market after 2021. Binance’s global platform was discontinued for residents in Japan last December, according to its website.

Binance has been expanding its presence in Japan, including a partnership with Mitsubishi UFJ Trust and Banking Corporation (MUTB) to study fiat-based stablecoins, aiming to launch yen and other fiat-based tokens by the end of 2024. Binance Japan said that it aims to list 100 tokens. With the three additional trading pairs, the exchange would offer 50 tokens on the platform.

Japan has been amending local rules in favor of the local crypto industry. In December, the Japanese cabinet approved a revision to the tax regime that would exempt companies from paying taxes for unrealized crypto gains. Last month, the country’s cabinet approved a proposal that would allow venture capital firms to invest directly in crypto startups.

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