has acquired a cryptocurrency exchange and is currently preparing to enter the Japanese crypto market as a regulated entity. General Manager of Binance Japan said, “The Japanese market will play an important role in future cryptocurrency adoption.
Binance Enters Japan
Cryptocurrency Exchange Binance announced Wednesday that it has acquired a 100% stake in Sakura Exchange Bitcoin (SEBC), a Japanese crypto exchange service provider regulated by Japan’s top financial institution, the regulator, the Financial Services Agency.Description of the announcement:
With this acquisition, Binance will enter the Japanese market as a regulated entity of the Japan Financial Services Agency (JFSA).
By providing this, Binance aims to support a responsible global environment for cryptocurrencies,” the announcement added.
Tokyo-based cryptocurrency exchange SEBC provides brokerage and consulting services to its clients. The trading platform 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/ Japanese Yen.
Takeshi Chino, General Manager of Binance Japan, said: As one of the world’s leading economies with a highly developed technology ecosystem, he is already poised to embrace blockchain strongly.
“We will actively work with regulators to develop a unified exchange in a compliant manner for users in the region. I am eager to play a role,” he continued.
Binance withdrew from the Japanese cryptocurrency market in 2018 following a Financial Services Agency warning for operating without a license. Last June, Binance was repeatedly warned by regulators that the exchange was offering crypto exchange services to Japanese customers without registration.
Crypto exchanges are expanding globally. . Binance has secured regulatory approvals or approvals in France, Italy, Spain, Bahrain, Abu Dhabi, Dubai, New Zealand, Kazakhstan, Poland, Lithuania and Cyprus.
According to Binance:
SEBC’s acquisition will be his first license for Binance in East Asia.
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