Binance Japan: Ready to Launch and Revolutionize Crypto Trading in 2023!

"Binance Expands Its Reach to Japan with Sakura Exchange Acquisition, Opening Doors to Japanese Crypto Users"

Binance, the world’s largest cryptocurrency exchange, has announced its plans to offer services to users in Japan. This move comes after Binance acquired Sakura Exchange BitCoin (SEBC), a local Japanese crypto exchange, for an undisclosed amount more than four months ago. SEBC is registered with the Japanese Financial Services Agency (JFSA), and Sakura Exchange has announced that it will terminate all services on its platform and launch a new service under the name “Binance Japan” after June this year.

According to Japanese local media, SEBC will disclose other details related to the launch in the coming days. Sakura Exchange will also stop providing brokerage services for local exchanges on May 31, 2023. The firm has asked users to sell their crypto assets and withdraw all funds before the deadline. Binance acquired a 100% stake in SEBC back in November 2022, and its existing JFSA license will allow Binance to enter the Japanese market with appropriate regulatory compliance.

However, SEBC has clarified that the personal information and account details of its existing users will not be carried over to Binance Japan after its launch. Those interested in trading on the new crypto exchange will have to register again and undergo the mandatory know-your-customer (KYC) formalities. This is in line with Japan’s relatively high standard of regulation for crypto firms and their products. All tokens are required to be approved by the Japan Virtual Currencies Exchange Association (JVCEA) before getting listed on crypto exchanges. As of now, SEBC offers 11 pairs for trading.

Binance’s re-entry into the Japanese market comes almost five years after it exited the country following a fallout with local financial regulators. In 2021, Japan’s Financial Services Agency issued a warning to the exchange, reminding it that it wasn’t allowed to conduct business in the country. However, Binance’s acquisition of SEBC has enabled it to re-enter the market with full regulatory compliance.

Binance’s move to enter the Japanese market is a significant development for the global crypto industry, as Japan is one of the largest markets for cryptocurrencies in the world. The country has a relatively high adoption rate of digital assets, and its regulatory framework is seen as one of the most robust in the world. Binance’s entry into the market is expected to boost competition and innovation in the Japanese crypto industry, which could ultimately benefit consumers.

Binance’s expansion into Japan is part of its broader strategy to increase its global presence. The company has been expanding aggressively into new markets, including Europe and Africa, in recent years. In 2021, Binance launched a new platform in South Africa, allowing users to buy and sell cryptocurrencies using the South African rand. The company has also been expanding its operations in Europe, where it has obtained regulatory approval to operate in several countries.

In conclusion, Binance’s entry into the Japanese market is a significant development for the global crypto industry. The move is expected to boost competition and innovation in the Japanese crypto industry, which could ultimately benefit consumers. Binance’s expansion into Japan is part of its broader strategy to increase its global presence and tap into new markets. With its existing JFSA license and regulatory compliance, Binance is well-positioned to succeed in the Japanese market.

Martin Reid

Martin Reid

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