Media: Binance has requested FSA permission to operate in Japan

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Softening the government's positionJapan regarding cryptocurrency companies and the announcement of support for Web3 prompted the Binance exchange to think about returning to the Japanese market after four years.

Japan Financial Services Agency (FSA)has repeatedly declared its tough position regarding cryptocurrency companies and measures to protect the rights of investors. Under pressure from the FSA, Binance ceased operations in Japan in 2018. Last year, the regulator again reminded investors that the exchange does not have a license to operate in the country.

The situation changed with the arrival of a newgovernment of Japan, headed by Prime Minister Fumio Kishida. In particular, Kishida announced the introduction of an economic strategy called "New Capitalism". This initiative involves supporting startups in the field of Web3, digitalization, the use of a decentralized Internet and the development of projects on the blockchain. 

After this statement, the CEOBinance Changpeng Zhao said that the platform is engaged in a “constructive dialogue” with the regulator. According to an unnamed source at Binance, the FSA's relaxed approach to cryptocurrency projects, as well as the significant potential for growth in the exchange's user base, were key reasons for Binance's renewed interest in the Japanese market.

“Binance is working with regulatorscountries to shape policies that protect consumers, encourage innovation and advance the industry. However, it is inappropriate to comment on any of Binance’s discussions with regulators at this time,” a Binance spokesperson said in response to a media request for comment.

However, as Bloomberg reports, citing sources familiar with the situation, the cryptocurrency exchange has re-applied to the FSA for registration in the country.

In August, the Japanese cryptocurrency exchange Gaiaannounced that it intends to install crypto ATMs in the country's largest cities - Tokyo and Osaka. Initially, the devices will support the four largest cryptocurrencies by market capitalization: Bitcoin (BTC), Ether (ETH), Bitcoin Cash (BCH) and Litecoin (LTC).