The world’s largest crypto exchange, Binance, has finally re-entered Japan after exiting in 2018 due to regulatory issues. This was made possible by acquiring Sakura Exchange BitCoin (SEBC), a Japanese-registered crypto exchange service provider.
Announcing this in a Twitter post, Binance said their commitment to enter Japan under regulatory compliance has finally come through.
Last year, Japan Financial Services Agency (JFSA) issued a strong warning against Binance, stating that the exchange was operating in the country without registration. This was its second warning after the first one in 2018. Although Binance at the time said it would limit trading functions for Japanese users, its website remained accessible.
With this acquisition, Binance has re-entered the Japanese market as a JFSA-regulated entity. By offering Japanese-regulated services through SEBC, the exchange aims to support a significant global environment for cryptocurrencies.
According to a statement by the general manager of Binance Japan, Takeshi Chino,
“The Japanese market will play a key role in the future of cryptocurrency adoption. As one of the world’s leading economies with a highly-developed tech ecosystem, it’s already poised for strong blockchain uptake. We will actively work with regulators to develop our combined exchange in a compliant way for local users.”
The exchange is eager to help Japan take a leading role in crypto. The CEO of SEBC, Hitomi Yamamoto, also noted he was delighted with the acquisition. He stated this will help to further strengthen user protection which has always been SEBC’s top priority.
Through Binance's robust compliance system, a more compliant atmosphere will be built for Japanese users and enable them to access essential crypto services needed for mass adoption in the nearest future.
Although the terms of the transactions were not disclosed, this deal marks Binance's first license in East Asia. The exchange has also recently obtained regulatory approvals in France, Italy, Spain, Portland, New Zealand, Abu Dhabi, and many other countries.
