Leading US crypto exchange Coinbase has expanded into Japan following a partnership with banking giant Mitsubishi UFJ Financial Group (MUFG).
According to a Thursday announcement, the firm will start by launching retail trading products, with other assets and products being added in the near future.
We also plan to introduce more localized versions of globally popular services such as advanced trading, Coinbase for Institutions, and more in the future.
Mitsubishi UFJ Financial Group serves over 40 million customers. Its partnership with Coinbase aids the exchange’s plan to reach a more global audience in a bid to compete with the likes of Binance. According to the exchange, the launch fully complies with regulations and is in line with its global expansion strategy.
In line with our global strategy, we will aim to be the easiest to use and most trusted exchange in Japan that’s fully compliant with local regulations.
Although Japan does not have any draconian laws regarding cryptocurrencies, its stance appears to be getting stricter. The country’s Financial Services Agency (FSA) recently issued a warning to Binance for operating without a license.
Coinbase has so far maintained a strict focus on complying with regulators, especially in the US. The approach has favored the exchange since it has not faced any regulatory issues yet.