TL;DR
- Binance launched a special promotion on specific JPY trading pairs, potentially aiming to attract Japanese traders and boost activity.
- This move coincided with a substantial surge in the assets’ prices.
Benefits to These Traders
The world’s biggest crypto exchange launched a zero-fee trading promotion for all users on the ADA/JPY, DOGE/JPY, and XRP/JPY spot trading pairs. The promotion period will run from today (November 15) to November 27.
“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,” the company explained.
JPY is the symbol of the Japanese national currency (the yen), and Binance’s effort could be part of its strategy to expand its services and user base in “the Land of the Rising Sun.”
The exchange had a solid presence in the local market until 2018, when it pulled out after the domestic regulators warned it had been operating without permission. In November 2022, though, Binance announced the acquisition of Sakura Exchange BitCoin (SEBC), thus preparing for a re-entry on Japanese soil. In the summer of 2023, the firm introduced Binance Japan, while SEBC ceased its original services.
“By offering regulated exchange services in Japan, we’re hoping to bolster the development of the Japanese digital asset market. The country’s drive for technological innovation and growing interest in blockchain technology make it a fantastic place to build a robust and sustainable Web3 ecosystem,” it stated at the time.
The Japanese subsidiary of Binance received regulatory approval to provide trading services with a total of 47 cryptocurrencies, the highest number offered in the country.
XRP, DOGE, and ADA Price Outlook
The firm disclosed the zero-fee trading promotion on November 13, and the cryptocurrencies involved experienced a substantial uptick in the following hours.
Cardano (ADA) and Dogecoin (DOGE) pumped by 13% each, while Ripple’s XRP registered a 10% increase. It is worth mentioning that the resurgence coincided with a massive green wave in the entire digital asset market, which led to Bitcoin’s (BTC) all-time high of over $93,000.
While DOGE and ADA have rather consolidated since then, XRP has continued its uptrend. Ripple’s native token is up nearly 15% on a 24-hour scale, following increased rumors that the US SEC’s leader, Gary Gensler, is about to vacate his post.
The Commission filed numerous lawsuits against crypto companies during his tenure. Perhaps the most popular is the legal battle against Ripple.
It is safe to assume that the community will expect the next potential leader of the regulator to be more open to innovation and pro-crypto: factors that may result in a further price rally for XRP and the entire market.
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