The world's largest crypto exchange Binance today reported that Binance has legally acquired 100% equity from Sakura Exchange BitCoin (SEBC). The acquisition marks Binance's entry into the Japanese market as a regulated entity of the Japan Financial Services Agency (JFSA).
Binance agrees to actively comply with regulators and ensure better service for local users. At the same time, Binance indirectly helps Japan take a leading role in the crypto market and supports a more transparent global environment in the crypto market.
Crypto exchange Binance has re-entered the Japanese market with the acquisition of Japan Financial Services Agency (JFSA) licensed crypto exchange Sakura Exchange BitCoin on November 30.
It is understood that Binance has been trying to obtain an operating license in Japan since September amid its expansion push in Asia. Japan has also relaxed regulations following Prime Minister Fumio Kishida's continued efforts to ease crypto regulations to strengthen the Japanese economy.
According to Takeshi Chino, general manager of Binance Japan,"The Japanese market will play an important role in the adoption of cryptocurrencies in the future." He believes Japan is one of the world's leading economies with a highly developed technological ecosystem. In fact, Japan has already pushed for blockchain development.
The Japan Crypto and Virtual Asset Exchange Association (JVCEA) also facilitates token listings and market entry for foreign companies and crypto exchanges such as Binance. FTX obtained a license to provide crypto services for its Japanese customers in June.
In a separate announcement, Binance suspended new user registrations with Binance.com effective from 2022-11-30 08:00 (UTC). However, existing users will not be affected and can continue to use the products and service offerings on Binance.com.
This may mean that new users will be added to Sakura Exchange BitCoin (SEBC). The SEBC team will gradually integrate into Binance. SEBS 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 .
