Key takeaways:
- Binance plans to relaunch operations in Japan’s cryptocurrency market after acquiring licensed trading venue Sakura in November 2022.
- The Sakura Exchange BitCoin (SEBC), which now supports 11 trading pairs, will cease operations on May 31 and relaunch as “Binance Japan.”
Leading cryptocurrency exchange Binance is reportedly planning to re-enter the Japanese market by purchasing the licenced cryptocurrency trading platform Sakura Exchange Bitcoin (SEBC), according to a local news source.
In November 2022, Binance purchased SEBC with the intention of reentering the Japanese cryptocurrency market.
After June 2023, CZ’s business will be able to operate as a Japan Financial Services Agency (JFSA)-regulated entity and adhere to its rules thanks to the purchase. First, on May 31, SEBC will stop providing its current services.
Following that, Sakura will become Binance Japan. This will complete the agreement and solidify the business’s return to the Japanese market.
It is significant to note that the Financial Services Agency (FSA) of Japan recently issued warnings to a number of foreign cryptocurrency trading platforms, including Binance, Bybit, MEXC Global, and Bitget, alleging that they had been operating illegally and in violation of the country’s fund settlement laws.
As previously stated, as the business works to comply with local rules, effective on November 30, 2022 at 08:00 (UTC), Binance will no longer allow new user registrations from Japan. Existing customers, however, won’t be impacted by this modification and can keep using the goods and services provided by Binance.com.
Customers who wish to join Binance Japan must submit a new account opening application and meet the appropriate authentication criteria. After domestic agents of oversight warned it was operating without permission, the CZ-led company left the Asian country in 2018.
Users of SEBC have to cash out their funds before May 28th, according to the report. By 5 June, any funds that are still in these accounts will be swiftly converted to Japanese yen and redirected to users’ bank accounts. Customers of Binance Japan would have to go through updated Know Your Customer (KYC) and identity verification processes.
In over a dozen countries, the top cryptocurrency exchange has experienced problems with regulatory compliance. The trading site has, however, been able to restore its relationships with authorities. Binance returned to these markets by acquiring holdings in regulated organisations in numerous nations where it has struggled to secure an independent licence.
