Cryptocurrency exchange Binance has acquired a regulated Japanese cryptocurrency exchange and is now preparing to enter the Japanese crypto market as a regulated entity. “The Japanese market will play a key role in the future of cryptocurrency adoption,” said the general manager of Binance Japan.
Binance Entering Japan
Cryptocurrency exchange Binance announced Wednesday that it has acquired 100% of Sakura Exchange Bitcoin (SEBC), a Japanese crypto exchange service provider that is regulated by Japan’s top financial regulator, the Financial Services Agency. The announcement explains:
Through this acquisition, Binance enters the Japanese market as a Japan Financial Services Agency (JFSA) regulated entity.
“By offering Japanese-regulated services through SEBC, Binance aims to support a responsible global environment for cryptocurrencies,” the announcement adds.
The Tokyo-based crypto exchange SEBC offers brokerage and consultation services to its customers. The trading platform currently supports 11 trading pairs: BTC/JPY, ETH/JPY, BCH/JPY, XRP/JPY, LTC/JPY, ETC/JPY, XEM/JPY, MONA/JPY, ADA/JPY, XYM/JPY, and COT/JPY.
Takeshi Chino, general manager of Binance Japan, said:
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,” he continued.
Binance exited the Japanese crypto market in 2018 following a warning by the Financial Services Agency about operating without a license. In June last year, Binance got another warning from the regulator reiterating that the exchange has been providing crypto exchange services to Japanese customers without registration.
The crypto exchange has been expanding globally. Binance has secured regulatory approvals or authorizations in France, Italy, Spain, Bahrain, Abu Dhabi, Dubai, New Zealand, Kazakhstan, Poland, Lithuania, and Cyprus.
According to Binance:
The acquisition of SEBC marks Binance’s first license in East Asia.
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Source: https://news.bitcoin.com/binance-acquires-licensed-japanese-crypto-exchange-prepares-to-enter-japan-as-regulated-entity/