Binance Announces Plans to Expand its Services in Japan
- Binance acquired the Japanese crypto platform Sakura Exchange Bitcoin (SEBC) in November 2022.
- Binance believes Japan has huge potential to transform Web3 in Asia.
- Binance previously sought to apply for a license to operate in Japan last year.
Binance CEO Changpeng “CZ” Zhao announced on Tuesday, July 25, that starting in August, the crypto exchange will offer full crypto services to Japanese users. CZ shared this news while speaking at the WebX conference in Tokyo, Japan.
Binance’s full expansion to Japan comes months after it acquired the Japanese crypto platform Sakura Exchange Bitcoin (SEBC) in November 2022. Since Japan’s Financial Services Agency (FSA) regulates SEBC, Binance has the full license to re-enter the Japanese crypto market.
Binance has often viewed Japan as a strategic location for crypto activities in Asia. While speaking at the WebX conference, CZ recalled his time spent living in Japan as a developer at the beginning of his career and highlighted Japan’s restrictions on the crypto industry, which have been in place for more than five years.
He said,
Japan has been clear since 2017 with crypto exchange regulations, and more recently this year with its crypto listing frameworks and the passing of stablecoin regulations.
Commenting on Binance’s reemergence in the Japanese crypto space, CZ said,
Binance is extremely happy to be able to participate in the Japanese market again after the acquisition of the SEBC platform last November. We are going to launch the full service in August. So hopefully, we will see you on our platform again.
While Binance is making a return to Japan, other major cryptocurrency exchanges are leaving the country. Last December, Kraken announced its second withdrawal from Japan, citing economic reasons and the state of the Japanese crypto market at the time. In addition, reports emerged last month that crypto exchange OKX plans to exit Japan due to its crypto policies.
Japan plans to improve its focus on the crypto market
While delivering a keynote speech today, Japanese Prime Minister Fumio Kishida reaffirmed Japan’s dedication to supporting the Web3 sector and emphasized how blockchain technology can revolutionize the internet and inspire social transformation.
Kishida expressed hopes that “the Web3 industry will regain its attention and vitality, and that various new projects will be born.” Some crypto experts, such as EOS Foundation CEO Yves La Rose, noted that Kishida’s speech reflected Japan’s evolved view of cryptocurrencies and the crypto sector at large.
I have covered some exciting stories in my career as a journalist and find blockchain-related stories very intriguing. I believe Web3 will change the world and want everyone to be a part of it.
