Binance adds JPY trading pairs; Nigeria plans crypto regulations

Binance, the world’s leading cryptocurrency exchange, has announced the introduction of spot trading pairs with the Japanese yen (JPY) for BNB, BTC, and ETH on its global platform and Japanese trading arm, starting March 12. This move comes as part of Binance’s efforts to strengthen its presence in Japan, where it has recently re-entered the market and is collaborating with Mitsubishi UFJ Trust and Banking Corporation to explore fiat-based stablecoins. Meanwhile, the Nigerian Securities and Exchange Commission is preparing new regulations for crypto operators, including Binance, which has faced challenges in the country, including a potential $10 billion fine and the discontinuation of services associated with the Nigerian naira.

Binance’s expansion in Japan includes a zero-fee promotion for the new yen-crypto pairs for one month, aiming to attract users and increase trading volume. The exchange’s Japanese division, established in August, now plans to list 100 tokens, with the three new pairs bringing the total to 50. Japan has been adapting its regulatory framework to support the crypto industry, including tax revisions and allowing venture capital firms to invest in crypto startups.

In contrast, the Nigerian SEC is taking a more stringent approach by introducing new regulations for crypto operators. These regulations will focus on licensing, registration, and screening guidelines to prevent malicious actors from entering the market. The SEC is also collaborating with the Central Bank of Nigeria to develop additional rules and has shown a willingness to engage with legitimate digital asset operators.

The Nigerian government’s recent issues with Binance have led to the blocking of the exchange’s website and the arrest of two executives. The government accuses Binance of contributing to foreign exchange challenges and is considering a significant fine against the platform. In response, Binance has ceased all naira-related services and has expressed its intention to cooperate with authorities.

The contrasting approaches of Japan and Nigeria highlight the varying global responses to the integration of cryptocurrencies into financial systems, with Japan embracing the industry’s growth and Nigeria enforcing stricter controls to address challenges.