Important notice from Binance affecting certain XRP, ADA and DOGE traders: details

TL;DR

Binance launched a special promotion on specific JPY trading pairs, with the potential aim of attracting Japanese traders and increasing activity. This move coincided with a substantial increase in asset prices. Benefits for these merchants

The world’s largest crypto exchange launched a fee-free trading promotion for all users of the spot trading pairs ADA/JPY, DOGE/JPY and XRP/JPY. The promotion period will run from today (November 15th) until November 27th.

“Trading volume for the spot trading pairs ADA/JPY, DOGE/JPY and XRP/JPY will be excluded from the volume calculation for the VIP tier and all liquidity provider programs during the promotion period, if applicable,” explained the company.

JPY is the symbol for Japan’s 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 strong presence in the local market until 2018, when it pulled out after domestic regulators warned it had been operating without permission. In November 2022, however, Binance announced the acquisition of Sakura Exchange BitCoin (SEBC), thus preparing for a re-entry into Japanese soil. In the summer of 2023, the firm introduced Binance Japan, while SEBC left its original services.

“By offering regulated exchange services in Japan, we hope to strengthen the development of the Japanese digital asset market. The country’s drive for technological innovation and growing interest in blockchain technology make it a great place to build an ecosystem Robust and sustainable Web3,” he declared at the time.

Binance’s Japanese subsidiary received regulatory approval to offer trading services with a total of 47 cryptocurrencies, the highest number offered in the country.

XRP, DOGE and ADA Price Outlook

The company revealed the commission-free trading promotion on November 13, and the cryptocurrencies involved saw a substantial increase in the hours that followed.

Cardano (ADA) and Dogecoin (DOGE) rose 13% each, while Ripple’s XRP posted a 10% increase. It is worth mentioning that the resurgence coincided with a massive green wave across the digital asset market, leading to Bitcoin (BTC) hitting an all-time high of over $93,000.

While DOGE and ADA have since consolidated, XRP has continued its upward trend. Ripple’s native token is up nearly 15% on a 24-hour scale, following rising rumors that US SEC chief Gary Gensler is about to step down.

The Commission filed numerous lawsuits against crypto companies during its tenure. Perhaps the most popular is the legal battle against Ripple.

It’s safe to assume that the community will expect the regulator’s next potential leader to be more open to innovation and crypto — factors that could lead to further price increases for XRP and the entire market.

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