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The world’s largest crypto exchange Binance on Wednesday said it has acquired 100% of Sakura Exchange BitCoin (SEBC). The acquisition marks the entry of Binance into the Japanese market as a Japan Financial Services Agency (JFSA) regulated entity.
Binance to actively comply with the regulator and ensure better services for local users. It will also help Japan take a leading role in crypto and support a responsible global environment for cryptocurrencies.
Binance Enters Japanese Crypto Market
Crypto exchange Binance has reentered the Japanese market with the acquisition of Japan Financial Services Agency (JFSA) licensed crypto exchange Sakura Exchange BitCoin on November 30.
Binance was seeking a license in Japan since September amid its expansion push in Asia. Japan has also relaxed regulations after continuous efforts of Prime Minister Fumio Kishida to ease crypto regulations for strengthening Japan’s economy.
“The Japanese market will play a key role in the future of cryptocurrency adoption,” said Takeshi Chino, general manager of Binance Japan. He believes Japan is one of the world’s leading economies with a highly-developed tech ecosystem. In fact, Japan has already pushed efforts for strong blockchain developments.
The Japan Virtual and Crypto Assets Exchange Association (JVCEA) also eased the listing of virtual coins and market entry for foreign companies and crypto exchanges such as Binance. FTX gained a license to provide crypto services for its Japanese customers in June.
Hitomi Yamamoto, CEO of SEBC, asserts Binance’s strong compliance system will help build a more compliant atmosphere for users in Japan, prioritizing user protection. Moreover, it will help access key crypto services needed for mass adoption in the future.
“We are honored and delighted to make this announcement with Binance, one of the world’s leading crypto asset exchange service providers.”
Exchange Suspends New User Registration
In a separate announcement, Binance to suspend new users’ registration with Binance.com with effect from 2022-11-30 08:00 (UTC). However, existing users will not be affected and can continue to use products and service offerings on Binance.com.
It could mean that new users will be added to Sakura Exchange BitCoin (SEBC). The SEBC team will gradually integrate into Binance. SEBS currently supports 11 trading pairs: BTC/JPY, ETH/JPY, BCH/JPY, XRP/JPY, LTC/JPY, ETC/JPY, XEM/JPY, MONA/JPY, ADA/JPY, XYM/JPY, and COT/JPY.
Also Read: Binance Moves 127K Bitcoin (BTC) Worth Over $2 Billion
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