SoftBank’s mobile payment arm, PayPay, has taken a major step into the cryptocurrency space by acquiring a 40% stake in Binance Japan, the local subsidiary of the world’s largest crypto exchange. The strategic deal signals a deepening collaboration between two financial giants aiming to merge the worlds of digital payments and blockchain technology in Japan.

Announced on Thursday, the acquisition makes Binance Japan an equity-method affiliate of PayPay, effective September 2025. The two companies plan to integrate their ecosystems, allowing users to buy and sell crypto assets directly through PayPay Money, the platform’s cashless payment system.

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In a joint statement, the companies said their goal is to make digital asset transactions as simple and secure as traditional online payments, accelerating the mainstream adoption of Web3 technology in Japan.

“Through its continued evolution from a cashless payments business into a digital financial platform, PayPay will strive to deliver new value to users while contributing to the advancement of Japan’s financial infrastructure,” the company said in its press release.

PayPay’s 70 Million Users Bring Scale to Binance Japan

PayPay’s move comes as it solidifies its position as Japan’s largest mobile payment platform. Launched in 2018 by SoftBank Group and Yahoo Japan (now Line Yahoo), PayPay surpassed 70 million registered users in July 2025, marking a major milestone in its mission to digitize Japan’s payment ecosystem.

According to company data, PayPay processed over 380 million transactions in 2024, a 36% increase from 2023’s 280 million. By comparison, traditional bank transfers rose only 7.5% in the same period, underlining

Japan’s shift toward mobile-based financial systems.

Masayoshi Yanase, Corporate Officer at PayPay, said the partnership aligns with the company’s broader fintech vision:

“By investing in Binance Japan, part of the world’s largest digital asset exchange, we’re combining the convenience and security of PayPay with Binance’s cutting-edge technology to bring safer and smarter crypto access to our users.”

Binance Japan General Manager Takeshi Chino echoed that sentiment, saying the collaboration will help “make Web3 more accessible to everyday users” and strengthen Japan’s role in the evolving global crypto landscape.

Bank transfers volume in Japan versus PayPay remittances in 2024. Source: PayPay

Global Ambitions: PayPay’s U.S. Listing Plans

The deal also comes as PayPay looks to expand internationally. In August, the company confidentially filed with the U.S. Securities and Exchange Commission (SEC) to list American depositary shares on a U.S. stock exchange — a move that could pave the way for broader global recognition.

PayPay also expanded into South Korea in September, further strengthening its regional footprint in Asia’s fintech market.

While PayPay did not disclose the valuation of its Binance Japan acquisition, industry observers say it comes at a time when traditional tech giants are increasingly aligning with crypto-native firms to modernize financial infrastructure.

BNB Surges Amid Deal Announcement

The acquisition coincides with a strong rally in Binance’s native token, BNB, which has climbed to third place among cryptocurrencies by market capitalization. As of Thursday, BNB traded near $1,300, up 26% in a week, giving it a market cap of roughly $182 billion, according to CoinGecko.

BNB (BNB) market cap has added about $60 billion, surging by 48% since Sept. 9, 2025. Source: CoinGecko

The surge underscores renewed investor confidence in Binance’s ecosystem, which continues to expand globally despite regulatory scrutiny in several markets.