Approved in June, the Nasdaq-listed, leading U.S. cryptocurrency exchange began trading in Japan.
Noting that Japan was among the first countries to embrace crypto and one of the top markets by trade volume, Coinbase Japan intends to begin with five top assets aimed at retail customers — Bitcoin, Ether, Stellar, Litecoin and Bitcoin Cash — with more to be added in the coming months.
It will also add local versions of its advanced traders platform, Coinbase Pro, as well as Coinbase for Institutions.
“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,” the blog post said.
Coinbase has teamed up with Mitsubishi UFJ Financial Group (MUFG) — one of the largest banks in Japan, with 40 million Japanese customers.
That allowed Coinbase to make MUFG Quick Deposit available from day one. It will “help millions of people in Japan access our platform quickly and begin trading on our exchange,” the company said.
Follow the Rules
The approval by Japan’s famously tough Financial Services Agency (FSA) was first announced on June 18 — a week before the financial watchdog warned top global exchange Binance that it was not registered to do business in Japan.