Binance, the world’s biggest crypto exchange, is expanding its operation in Asia with its latest entrance in Japan. The platform has bought Sakura Exchange BitCoin, which is a Japanese crypto exchange that is regulated by the country’s Financial Services Agency (FSA).
This puts Binance on the list of countries that have some amount of regulatory authorization in these areas. Sakura Exchange BitCoin (SEBC) is based out of Tokyo. According to reports, the sum for which the exchange has bought SEBC remains undisclosed.
This is a positive move given how SEBC is a fully regulated entity in the Japanese market, as this would mean that Binance is also in the process of expanding its regulatory environment.
This can be considered a way of removing excessive regulatory pressure given how the platform has been under the eyes of regulatory bodies because of the decentralized nature of its operations and its vast digital presence across many countries.
SEBC offers its customers consultation services along with providing brokerage services as well. The crypto exchange at the moment supports 11 trading pairs.
Debut Marks The First License In East Asia
Takeshi Chino, the General Manager of Binance Japan, has commented,
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.
Binance has been planning various expansions in recent times; for instance, this is the fourth investment carried out in the month of November. Earlier in the month, Binance Labs, which is the exchange’s accelerator and venture capital arm, invested in a Web3 sports game platform called Ultimate Champions.
Additionally, Binance Labs also announced an investment in NGRAVE, which is a hardware crypto wallet maker. Recently, another piece of investment news came from Binance US, where the exchange confirmed that it plans to acquire the bankrupt crypto lender Voyager Digital.
Binance Has Secured 12 Licenses So Far
Binance, in the past, has secured 11 licenses in other jurisdictions, which include France, Spain, Poland, Dubai, Cyprus, Bahrain, Abu Dhabi, Dubai, and Kazakhstan. The latest authorization as a crypto asset service provider came from Cyprus.
The acquisition of SEBC now puts Japan on the list, making it the 12th country to get on this list with the first crypto exchange license in East Asia.
The Financial Services Agency, however, is also one of several regulatory bodies that have issued warnings in the last year because Binance lacked a license to operate in this market.
Source: https://bitcoinist.com/binance-sets-foot-japan-with-sebc-acquisition-deal/