- Binance is spicing up its services just in time for the start of the new crypto bull cycle by temporarily removing the fees in its ADA/JPY, DOGE/JPY, and XRP/JPY spot trading pairs.
Altcoins continued to surge even when the stock markets were closed this weekend. The 24/7 opportunities in this segment of the market make it more enticing for traders and investors with high risk appetite. Among the top gainers heading to the next calendar week were Dogecoin (DOGE), XRP, and Cardano (ADA).
DOGE, XRP, and ADA have notably lost a substantial value after the latest Bitcoin (BTC) halving. However, XRP and DOGE have logged new record-highs this weekend to prices not seen since 2021.
Binance, seeing a situation that’s ripe for the taking, recently decided to capitalize on the ongoing hype for these altcoins. The crypto exchange just launched a zero-fee promo for its DOGE/JPY, XRP/JPY, and ADA/JPY trading pairs.
The promo began on November 15 midnight (UTC) and will run until November 27 at 11:59 PM.
“The trading volume on ADA/JPY, DOGE/JPY, and XRP/JPY spot trading pairs will be excluded from the VIP tier volume calculation and all Liquidity Provider programs during the Promotion Period, where applicable,” Binance announced on its platform.
Why Binance’s New Promo Matters
Binance’s new promo certainly offers savings and a new level of convenience for customers trading using their yen with the mentioned crypto denominations. On the macro, analysts see the promo as a more aggressive move to strengthen its presence in the Japanese market.
The company used to have a strong foothold in Japan until local regulators questioned its operations. In 2018, the Financial Services Agency (FSA) raised several issues against the exchange, including operating without a license and non-compliance with Know Your Customer (KYC) guidelines against money laundering and financing illicit activities. This consequently led to the company packing its bags out of “The Land of the Rising Sun.”
Fast-forward to 2022, Binance successfully bid for the acquisition of Sakura Exchange BitCoin (SEBC) at an undisclosed sum. The event allowed the company to reestablish its exchange in the country through its conversion to Binance Japan in 2023. As of last year, the platform had support for the spot trading of over 47 tokens.
Crypto Adoption in Japan
Despite being the home of the Japan Exchange Group, which is one of the world’s largest capital markets, Japan is lagging in crypto adoption. So far, it’s yet to find its spot back in the top 20 Global Crypto Adoption Index. Ironically, this also comes as the pseudonymous inventor of Bitcoin has adopted the Satoshi Nakamoto moniker.
Nonetheless, we can’t entirely blame its regulators, as the first large-scale theft of BTC worth hundreds of millions of US dollars happened there.
With the shifting dynamics in the institutional adoption of Bitcoin and other cryptocurrencies and the maturity of their markets, there’s hope that this Asian superpower will eventually catch up in terms of adoption alongside other key capital markets worldwide.
