Binance acquires regulated crypto exchange in Japan
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.
CBW - External Analyst