Binance, the world’s largest cryptocurrency exchange by trading volume, has announced its plans to launch operations in Japan. The notice was published on Friday, revealing that Binance had acquired Sakura Exchange BitCoin (SEBC), a regulated cryptocurrency exchange, back in November of last year. The existing services on SEBC will be terminated on May 31, 2022, and a new service under the provisional name “Binance Japan” will launch after June 2022.
It is worth noting that SEBC currently supports 11 trading pairs. However, listing tokens on exchanges in Japan requires vetting by the Japan Virtual Currency Exchange Association. Japan has a high regulatory bar for cryptocurrency exchanges. It requires segregation of customer and exchange assets, most exchange assets to be kept in cold wallets, and for customers’ fiat to be kept by a Japanese trust company or bank trust.
Japan’s financial authorities have previously issued a warning that Binance was operating in the country without permission. However, Binance has since taken steps to comply with Japanese regulations. The move to launch Binance Japan comes as the company continues to expand its global footprint.
Binance has been making headlines in recent months for its acquisition of several companies and partnerships with other firms. In March of this year, Binance announced its acquisition of the popular cryptocurrency data tracking website, CoinMarketCap. The deal was reportedly worth $400 million.
The move to launch Binance Japan is a significant development for the company, as Japan is one of the largest cryptocurrency markets in the world. According to a report by the Japan Virtual Currency Exchange Association, the country’s cryptocurrency market was valued at $97 billion in 2020.
Binance’s decision to comply with Japanese regulations is a testament to the company’s commitment to operating in a compliant and transparent manner. It also highlights the importance of regulatory compliance in the cryptocurrency industry. As more countries begin to regulate cryptocurrencies, it is essential for companies in the industry to adhere to these regulations to ensure the long-term success of the industry.
Overall, Binance’s move to launch in Japan is a significant development for the company and the cryptocurrency industry as a whole. It demonstrates the company’s commitment to expanding its global footprint and operating in a compliant and transparent manner. As the cryptocurrency industry continues to grow and evolve, it will be interesting to see how other companies in the industry respond to regulatory changes and expand into new markets.