certify
Home arrow Article arrow Article Detail

Binance acquires regulated crypto exchange in Japan

Profile Image

Joyashree Dey Follow

INDIA

Dec, 06 2022

Dec, 06 2022

likes | comments 0

Article Image

On November 30, Cryptocurrency exchange Binance announced 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, and is now preparing to enter the Japanese crypto market as a regulated entity after four years.


In an official public announcement on Wednesday, Binance CEO Changpeng Zhao said: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.


Customers of the cryptocurrency exchange SEBC in Tokyo can avail of brokerage and consultation services. BTC/JPY, ETH/JPY, BCH/JPY, XRP/JPY, LTC/JPY, ETC/JPY, XEM/JPY, MONA/JPY, ADA/JPY, XYM/JPY, and COT/JPY are the 11 trading pairs that the trading platform now offers.


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 quit the Japanese cryptocurrency market in 2018 after obtaining a warning from the Financial Services Agency for doing business without a licence. In June of last year, the regulator issued a second warning to Binance, claiming that the exchange was providing cryptocurrency exchange services to Japanese customers despite not being authorized to do so.


Globally, the cryptocurrency exchange has been growing. In addition to the countries mentioned above, Bahrain, Abu Dhabi, Dubai, New Zealand, Kazakhstan, Poland, Lithuania, and Cyprus have all been granted Binance regulatory certifications or authorizations. 


likes | comments 0

Profile Image

Joyashree Dey

CBW - External Analyst

INDIA

Comments
Disclaimer: The information is for informational purposes only.​ This advertisement does not constitute financial advice or any other advice. You should consult with a financial professional to determine what may be best for your individual needs. None of the information and/or content available through this advertisement is intended as an offer or solicitation of an offer to buy or sell, or as a recommendation, endorsement, or sponsorship of any company, financial product, security or commodity. To the maximum extent permitted by law, we disclaim any and all liability in the event any information, commentary, analysis, opinions, advice and/or recommendations prove to be inaccurate, incomplete or unreliable or result in any investment or other losses. In Making the investment decision, investors must rely on their own examination of the issuer and the terms of the offerings, including the merits and risks involved. Investments are speculative, illiquid, and involve a high degree of risk , including the possible loss of investment.