Binance Forces Entry Into Japanese Market With The Acquisition Of Sakura Exchange BitCoin
- Crypto exchange Binance has acquired Japanese crypto firm Sakura Exchange BitCoin (SEBC).
- The leading exchange will re-enter Japanese market after four years “as a Japan Financial Services Agency (JFSA) regulated entity.”
- After receiving a warning for operating without a license in 2018 from Japan’s Financial Services Agency (FSA), Binance withdrew from the region.
The world’s biggest crypto exchange, Binance, has confirmed its entry into the Japanese market after four years of closing its services in the country due to regulatory concerns. The leading crypto exchange has successfully completed the 100% acquisition of Sakura Exchange BitCoin, a Japanese crypto exchange service provider, following which it can now enter Japan “as a Japan Financial Services Agency (JFSA) regulated entity.”
As per the announcement, the financial details of the deal with Sakura Exchange BitCoin (SEBC) remain undisclosed but the exchange said that “Binance aims to support a responsible global environment for cryptocurrencies” by offering Japanese-regulated services through SEBC. Interestingly, this is the first license that the leading exchange has received in East Asia.
“The Japanese market will play a key role in the future of cryptocurrency adoption. As one of the world’s leading economies with a highly-developed tech ecosystem, it’s already poised for strong blockchain uptake. We will actively work with regulators to develop our combined exchange in a compliant way for local users. We are eager to help Japan take a leading role in crypto,” said Takeshi Chino, general manager of Binance Japan.
Additionally, it is crucial to note that SEBC is a crypto firm regulated by the JFSA and offers its customers consultation services in addition to its brokerage service. Currently, the platform has over 11 crypto trading pairs for its users which include BTC/JPY, ETH/JPY, BCH/JPY, XRP/JPY, LTC/JPY, ETC/JPY, XEM/JPY, MONA/JPY, ADA/JPY, XYM/JPY, and COT/JPY, as per the announcement.
Hitomi Yamamoto, CEO of SEBC, stated that the strong compliance system of the world’s biggest crypto exchange led by Changpeng Zhao, Binance, “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.”
After receiving a warning for operating without a license in 2018 from Japan’s Financial Services Agency (FSA), Binance withdrew from the region. However, Japan has become slightly more lenient in its crypto policies recently.
As per an earlier report, Binance admitted that the exchange is in talks with the regulatory agencies in the East Asian country but refused to disclose details. A spokesperson said that the exchange aims “to shape policies that protect consumers, encourage innovation, and move the crypto industry forward.”
The Prime Minister of Japan, Fumio Kishida, revealed that the country will promote Web3 services in Japan, including projects dealing with NFTs ( non-fungible tokens) and the metaverse. Furthermore, the government will issue NFTs to local authorities already using technology to solve challenges in their regions. Japanese Prime Minister Fumio also hinted at the possibility of digitizing the national identity card.
A crypto journalist with over 3 years of experience in DeFi, NFT, metaverse, etc. Parth has worked with major media outlets in the crypto and finance world and has gained experience and expertise in crypto culture after surviving bear and bull markets over the years.
