Binance, the biggest cryptocurrency exchange in the world, said on Wednesday that it has fully acquired Sakura Exchange BitCoin (SEBC). With the acquisition, Binance officially became a Japan Financial Services Agency (JFSA)-regulated firm and entered the Japanese market.
Binance will proactively abide by the regulator and ensure that local users receive better services. It will also foster a stable global environment for cryptocurrencies and enable Japan to take the lead in the industry.
Cryptocurrency exchange Binance re-entered the Japanese market with the acquisition of Japan Financial Services Agency (JFSA) licensed crypto exchange Sakura Exchange BitCoin.
Binance has been looking for a license in Japan since September as part of its Asian expansion. Japan also has relaxed regulations due to Prime Minister Fumio Kishida’s ongoing efforts to ease crypto regulations to strengthen Japan’s economy.
#Binance has acquired 100% of Sakura Exchange BitCoin (SEBC), the Japanese-registered crypto exchange service provider.https://t.co/GSPYxQvamg
— Binance (@binance) November 30, 2022
“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. In fact, Japan has already pushed efforts for vital blockchain developments.
The Japan Virtual and Crypto Assets Exchange Association (JVCEA) also made it easier for foreign companies and crypto exchanges like Binance to list virtual coins and enter the Japanese market. In June, FTX obtained a license to provide cryptocurrency services to its Japanese customers.
SEBC CEO Hitomi Yamamoto believes Binance’s robust compliance system will help build a more compliant environment for users in Japan, putting user protection first. Furthermore, it will facilitate future access to critical crypto services required for mass adoption.
“We are honored and delighted to make this announcement with Binance, one of the world’s leading crypto asset exchange service providers.”
Binance has announced that it will stop allowing new users to register on its website as of 2022-11-30 08:00. (UTC). Existing users, however, won’t be impacted and can keep using Binance.com’s products and services.
