Binance Japan just handed its top job to someone who has worked both sides of the finance fence. Arisa Toyosaki, co-founder of the DeFi structured products protocol Cega, will become general manager and representative director of Binance Japan starting July 1.

She replaces Takeshi Chino, who has led the exchange since July 2022 and will transition to the role of honorary chairman and director.

From Wall Street derivatives to DeFi to running an exchange

Before diving into crypto, Toyosaki worked as a derivatives trader at UBS. She then co-founded Cega, a protocol that built structured investment products on-chain.

The protocol wasn’t a footnote operation either. Cega raised over $9 million in funding, including a $4.3 million seed round at a $60 million valuation. Before it was acquired and eventually sunset in late 2024, Cega processed approximately $500 million in trading volume.

Chino’s legacy and the PayPay connection

Under Chino’s leadership, the exchange launched services in 2023 and 2024 after Binance acquired Sakura Exchange Bitcoin Co., Ltd., a licensed Japanese entity that gave the world’s largest crypto exchange its regulatory foothold in the country.

The biggest move under Chino’s watch came in October 2025, when PayPay acquired a 40% stake in Binance Japan. PayPay is Japan’s dominant mobile payment platform, backed by SoftBank.

What investors should watch

The PayPay integration is arguably the bigger story. A 40% stake from Japan’s leading payment app suggests deep operational collaboration, not just a financial investment. Toyosaki will likely be tasked with accelerating that integration through 2026 and beyond.

Japan’s exchange landscape includes established players like bitFlyer, Coincheck (now under Monex Group), and GMO Coin. Binance Japan has the global brand recognition, but local competitors have years of trust built with Japanese consumers.