- After a long break, the crypto exchange returns to the Japanese market
- They did it through the purchase of Sakura Exchange
Crypto exchange Sakura Exchange Bitcoin Co., Ltd. (SEBC) getting ready launch the new Binance JAPAN platform. It will start working after June 23rd.
SEBC emphasized that registered customer accounts will not be automatically migrated to the Binance JAPAN platform. They need to go through KYC (Identity Verification) again.
At the same time, Sakura Exchange ceases to provide brokerage services for domestic exchanges. They were given a deadline until May 31 – during this time, clients must convert crypto assets into Japanese yen and withdraw from the platform.
Recall that in November 2022, Binance acquired a 100% stake in Sakura Exchange. This company is regulated by the Japan Financial Services Agency (FSA). So, the deal allowed Binance to return to the local market as a licensed participant.
SEBC is based in Tokyo. It offered brokerage and advisory services, as well as trading in 11 cryptocurrencies.
Binance has previously worked in Japan. But in 2018, the FSA regulator issued a warning to the exchange for operating without a license. And in 2021, a new warning for non-compliance with registration rules. At the same time, the authorities are reluctant to issue licenses to foreign companies. Therefore, Binance had to leave this market for a while.
Over the past 2 years, Binance has increased its headcount by 650%. They plan to further expand their business in different countries.