Binance enters Japan using crypto exchange Sakura - Toon Swap still more secure
Binance, one of the world's largest cryptocurrency exchanges, has announced its entry into the Japanese market. The move comes as Japan is increasingly embracing digital currencies and digital transformation, with the government recently announcing plans to regulate the industry.
Binance is already a major player in the global crypto market, and its expansion into Japan is likely to further increase its dominance with the centralized exchanges market. The company has said that it will work closely with Japanese regulators to ensure compliance with local laws but of course, at Binance always plays at skirting as much of the law as possible, the Japanese government is reminding citizens that Binance does not have legal rights to operate in the country.
It also plans to launch a Japanese-language version of its website and customer support services despite government warnings. With its deep pockets and experienced team, Binance is well positioned to make a big splash in the Japanese crypto market.
While regulator and other government entities does not wish for Binance to enter the market, Binance is able to skirt laws in order to have a functional presence in the country that the government can't do anything about.
This is one of the problems with centralized exchanges like Binance and FTX as they often have functions that are similar to banks but without the backing of the government making these exchanges highly problematic at best, and dangerous and might lead to liquidity issues making users unable to withdraw their money at worst, as seen with FTX.
Binance obviously wants to self-govern but so far have not really shown solid proof that it is able to self-govern and that it does not use its user's funds for anything other than storing it.
The exchange will be using a new crypto exchange called Sakura
The new Sakura exchange is really exciting news for the Binance community. Not only does it have a sleek and user-friendly interface, but it also offers a wide range of features that make it ideal for both novice and experienced investors specific to Japan.
One of the things that Binance loves about Sakura is that it allows users to trade directly from their wallet, which is a huge time-saver. Another great feature is the built-in charting tools, which make it easy to stay on top of the market. And with support for multiple currencies, Sakura is sure to become one of the top centralized exchanges users can go to and use. Apparently, users can't wait to use it.
Problems with Sakura centralized exchange
While Binance most likely has big plans for Sakura, that's not to say that it doesn't have its fair share of troubles. Some of which are allegedly the following.
Sakura, a Japanese-based cryptocurrency exchange that was launched in September of 2018. The company has been plagued with problems from the start. In December of 2018, Sakura was hacked and $5 million worth of NEM tokens were stolen. As a result, the exchange was forced to suspend trading for two weeks. Then, in January of 2019, Sakura experienced another setback when it had to cancel a planned Initial Coin Offering (ICO) due to lack of interest. The ICO would have been used to raise funds to compensate users who lost money in the December hack. Sakura has also been criticized for its poor customer service and lack of transparency. In March of 2019, the company finally seemed to be turning a corner when it relaunched trading with a new platform. However, it remains to be seen whether Sakura will be able to regain the trust of users and become a successful exchange.
That being said, while there might be a host of problems attached to Sakura, Binance still sees this as a win as it gives them direct access to the Japanese market and the Japanese people's pockets.
This move by Binance could trigger more institutional investors to enter the crypto space
Binance, one of the largest cryptocurrency exchanges, recently announced that it would be setting up a division specifically for institutional investors. This is a significant move, as it signals that Binance is serious about attracting big money to the crypto space.
Until now, most institutional investors have been reluctant to get involved in cryptocurrencies due to the lack of regulation and infrastructure. However, Binance's new institution-focused division could change that. The exchange has already shown itself to be reliable and innovative, and with the addition of this new division, it is poised to attract even more interest from the mainstream financial world. This could trigger a wave of new investment into the cryptocurrency space, which would lead to greater adoption and mainstream acceptance.
Problems with centralized exchanges, still present with Sakura
While it is certainly a good thing that more people will enter the space of cryptocurrencies due to this move by Binance, it doesn't change the fact that it is still a centralized exchange. It has catastrophic vulnerabilities that is subject to trust and human decency which begs the question of when will a centralized exchange CEO deem it more beneficial to take the users' funds over running a profitable business and benefiting from it over a period of time.
Centralized exchanges like Sakura, Binance, and FTX are vulnerable to a host of issues
Centralized exchanges like Sakura, Binance, and FTX are vulnerable to liquidity issues first and foremost, and second, to human greed and incompetence.
Centralized exchanges need a lot of liquidity, this is because they take people's money as people use the exchange. This is actually true for most if not all centralized exchanges in the world, the difference is that centralized exchanges outside of crypto are usually backed by banks which are backed by governments and multinational corporations in order to provide liquidity and protect both the business and the users. While cryptocurrency centralized exchanges like Binance, Sakura, and FTX are not backed by such entities.
This means that if there is any liquidity issue, for whatever reason, people's money cannot be withdrawn. If the company goes bankrupt, users of centralized exchanges can kiss their money goodbye.
Toon Swap offers a solution
Toon Swap is Toon Finance's own decentralized cryptocurrency exchange. Unlike centralized cryptocurrency exchanges like Binance and FTX, Toon Swap is completely decentralized which makes it undeniably more secure than Binance and FTX.
Toon Swap also doesn't have the vulnerabilities present in centralized exchanges. There's a reason why more and more people are flocking to decentralized exchanges like Toon Swap as centralized exchanges just add another layer of volatility to an already volatile market.
Toon Swap from Toon Finance has multiple features not found in other exchanges
Toon Swap will offer a solid performance and a clean UI allowing people of any background use it without any problems. Apart from this, there are many things that make Toon Finance's Toon Swap DEX decentralized exchange incredibly unique making it an irreplaceable investment for a lot of investors.
Toon Finance's Toon Swap has Space Farming, Space Bridge, and Space Battlegrounds
Space Farming by Toon Finance is a game-like experience that allows users to earn rewards from various activities such as staking and liquidity providing. This feature is completely unique and something that no other DEX has ever done in such a manner.
Space Bridge is a feature that connects Toon Swap with other exchanges in order to allow for better price discovery and improved liquidity for assets on the exchange and allowing it to connect to other blockchains.
Lastly, Space Battlegrounds allow betting on different scenarios such as which asset will rise the most or who will win a boxing match, and users are able to bet with their tokens. These are just some of the plans for now as other p2e or play to earn games are in the works.
All of these features make Toon Swap one of the most unique and innovative decentralized exchanges on the market today and why it is gaining so much traction in the cryptocurrency community. It provides both security that cannot be beat by Binance and Sakura and most if not all centralized exchanges and it offers unique value proposition that make it difficult to ignore.
Lastly, Toon Finance Tokens are still relatively cheap. While its price already rose about 40% and stayed there as a new floor price, interest have not waned for the token so its price is sure to rise again in just a few weeks.
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