Binance re-enters Japan, controls over 75% of exchanges’ monthly trading volume
Binance now controls over 75% of exchnages' monthly trading volume, according to available data.
Binance has re-entered the Japanese market with its acquisition of Sakura Exchange BitCoin (SEBC), according to a Nov. 30 announcement.
— CZ 🔶 Binance (@cz_binance) November 30, 2022
The Changpeng Zhao-led exchange revealed that it bought a 100% stake in the Japanese-regulated exchange for an undisclosed sum, giving it its first license in East Asia.
Speaking on the development, Binance Japan’s general manager, Takeshi Chino, said:
“We will actively work with regulators to develop our combined exchange in a compliant way for local users. We are eager to help Japan take a leading role in crypto.”
Binance exited the Asian country in 2018 after Japan’s Financial Services Agency (JFSA) ordered it to stop operating without a license. The financial watchdog issued another warning in 2021 that the exchange had failed to register with regulators.
With this move, Binance can expand its influence and market dominance, which has increased significantly since FTX’s recent collapse.
The crypto exchange has secured regulatory approvals in France, Italy, Spain, Bahrain, Abu Dhabi, etc. though some of the approvals have drawn the ire of some lawmakers.
Binance makes up 75% of all exchange trading volume
Crypto analyst Miles Deutscher highlighted that Binance now controls 75% of all crypto exchanges volume as of Nov. 29, citing data from The Block. According to the data, its closest rival, Coinbase, controls only 11.6% of the crypto trading volume.
Binance now has 75% of all exchange volume. 🤯 pic.twitter.com/ZTwbnb0RMP
— Miles Deutscher (@milesdeutscher) November 30, 2022
Nomics data confirms Binance’s dominance in its 24 hours trading volume metrics. According to the data aggregator, Binance’s trading volume was $38.53 billion in the last 24 hours, which accounted for 18.69% of all trades.
Its closest rival was OKX which processed 4.46% ($9.20 billion) of all crypto exchanges’ trading volume.