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 work with the regulator to ensure compliance for local users. It will also help Japan take a leading role in crypto.
“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. Moreover, it has already pushed efforts for strong blockchain developments.
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 Japan Virtual and Crypto Assets Exchange Association (JVCEA) also eased listing of virtual coins and market entry for foreign companies and crypto exchanges such as Binance.
Hitomi Yamamoto, CEO of SEBC, said:
“We are honored and delighted to make this announcement with Binance, one of the world’s leading crypto asset exchange service providers. On top of our effort to prioritize user protection, Binance’s strong compliance system will contribute to building a more compliant atmosphere for users in Japan and help them access key crypto services needed for mass adoption in the future.”
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.
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