SoftBank Expands Crypto Footprint as PayPay Links Up With Binance Japan

• The SoftBank-owned payment service PayPay is linking its platform to Binance Japan with upgraded payment rails.
• This follows the October acquisition of a 40% stake by PayPay and represents Binance Japan’s initial expansion. 

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PayPay is a mobile payment service based in Japan, operated by PayPay Corporation, which SoftBank Group and Yahoo Japan back. PayPay is dipping its toes further into the crypto space by integrating new payment rails with Binance Japan to launch a new service leveraging PayPay Money.

With PayPay having over 70 million users in Japan as of 2025, PayPay Money allows users to send and receive funds peer-to-peer at no cost, making it one of Japan’s most widely used mobile payment services. The integration now allows Binance Japan users to purchase crypto assets directly using PayPay Money balances.

In addition, users can withdraw their cryptocurrency holdings directly into their PayPay Money accounts, enabling crypto to flow smoothly between the exchange and a trusted payment wallet. This now creates a seamless experience that removes the need for complicated bank transfers or external payment systems.

Users will be required to complete identity verification on both platforms. This means that individuals must go through the standard Know Your Customer (KYC) procedures on the Binance Japan app as well as on the PayPay platform. Afterwards, users can provide their consent to link their accounts across both services.

According to PayPay, the minimum amount allowed for these transfers is 1,000 yen. Users have the flexibility to trade cryptocurrency 24 hours a day, seven days a week, reflecting the always-on nature of digital assets, while withdrawals incur a small cost of 110 yen.

PayPay has also set limits to ensure secure usage: the daily transfer limit is 1 million yen, and users can transfer up to 2 million yen over a 30-day period.

Insights From Binance CEO

Adding some context to the partnership, Binance CEO Changpeng Zhao shared an X post referencing a photo related to the deal. He explained that, although the picture was taken several months prior to the announcement, these types of agreements often require significant preparation and negotiation behind the scenes.

As Zhao noted,

The integration comes shortly after PayPay acquired a 40% stake in Binance Japan, making the crypto exchange an equity-method affiliate of the payments platform. This collaboration with Binance Japan could speed up the rollout of secure, user-friendly Web3 financial services, helping bring cryptocurrency further into mainstream use.

In August 2025, PayPay submitted a draft registration statement to the U.S. Securities and Exchange Commission (SEC) as part of preparations for a potential listing on a U.S. stock exchange.

Reports from Reuters indicate that investors expect PayPay’s valuation could exceed 3 trillion yen, which is around $20 billion in a U.S. initial public offering, which may take place as early as December 2025.

If realised, the IPO would represent a milestone for the SoftBank-backed platform, reinforcing its role at the convergence of traditional finance, mobile payments, and the emerging digital asset ecosystem.

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