Binance reenters Japanese market by acquiring exchange

Binance has opened up the Japanese market to its services once again by acquiring the Sakura Exchange BitCoin (SEBC).

By acquiring SEBC, Binance will now be able to enter the Japanese market as a Japan Financial Services Agency (JFSA) regulated company. The licence is the first such that Binance has been able to gain in East Asia.

Japanese market is key

Binance believes that the Japanese market is key for the general adoption of cryptocurrencies, and to this end, in a blog announcement, the general manager of Binance Japan, Takeshi Chino, said of the acquisition:

“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.”

Hitomi Yamamoto, CEO of SEBC, said of Binance’s acquisition of his company:

“We are honored and delighted to make this announcement with Binance, one of the world’s leading crypto asset exchange service providers. On top of our effort to prioritize user protection, Binance’s strong compliance system 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.”

Binance acquisition strategy success

It’s been four years since Binance last operated in Japan, and at that time it had to suspend its services after the FSA informed the company that it was operating without a licence.

However, the Binance strategy of acquiring regulated entities has enabled it to enter some of the markets where it was otherwise restricted. Malaysia, Singapore, and the United Kingdom are three countries where it has had success in this way.

Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.