In November of last year, the biggest cryptocurrency exchange in the world, Binance, entered the Japanese market by purchasing 100% of the cryptocurrency exchange Sakura Exchange Bitcoin Co. (SEBC), which is located in Japan. According to information shared on Friday by Sakura Exchange Bitcoin, Binance Japan will begin accepting Japanese clients in June.
SEBC is acquired by Binance
Sakura Exchange Bitcoin, a crypto exchange In a statement on April 28, stated that it will cease offering its crypto exchange and brokerage services in May and relaunch as Binance Japan around June 23. The Japan Financial Services Agency (JFSA) has now officially recognized Binance Japan as a cryptocurrency exchange.
Customers must also reapply for account opening and reviews, including identification verification at the time of usage. The new Binance Japan does not transfer the information needed to register an account for Sakura Exchange Bitcoin.
Binance will proactively follow the rules set out by the regulator to protect local customers and provide superior services. A responsible global environment for cryptocurrencies will be supported, and it will also enable Japan to take the lead in the industry.
Japan’s Crypto Adoption Is Growing
Prime Minister Fumio Kishida’s persistent efforts to slacken crypto rules to boost Japan’s economy led to a relaxation of the country’s laws. The Japan Virtual and Crypto Assets Exchange Association (JVCEA) made it simpler for overseas businesses and cryptocurrency exchanges like Binance to list virtual currencies and enter the market.
Following FTX’s demise, FTX Japan continued to operate, demonstrating Japan’s stringent regulatory environment and commitment to safeguarding investors. The FTX Japan company intends to start up soon.
Global Expansion of Binance
Growing its worldwide presence has been a goal for Binance. In recent times, has been successful in obtaining an active license in France, Italy, Spain, Bahrain, Abu Dhabi, Dubai, New Zealand, Poland, Lithuania, and Cyprus.
When CZ’s firm reenters Japan, it will be the 12th country that officials have formally approved its activities.