Binance is ready to return to the Japanese market after leaving it in 2018. Having acquired the regulated crypto exchange Sakura Exchange Bitcoin (SEBC), the exchange giant can resume operations in the country. It has also managed to establish itself in other Asian countries. Nevertheless, there is no specific date for the official launch of Binance Japan yet.
SEBC will become Binance Japan
In November 2022, Binance acquired the exchange SEBC which is licensed by the Japan Financial Services Agency. The objective being to return to the Japanese crypto market, despite tension between the FSA and the crypto exchanges. As a reminder, Binance has already tried to establish itself in this market before, operating without regulatory authorization. And failing to obtain an independent license, the crypto exchange had to cease operations in Japan in 2018. Binance has also faced regulatory compliance issues in a dozen countries.
Nevertheless, Binance managed to return to Japan through SEBC. According to a report, SEBC will end its current crypto exchange and brokerage services by May 31. It will thus reopen its doors as Binance Japan after June 2023. SEBC users therefore have until May 28 to withdraw their funds. The remaining funds will be automatically converted into Japanese yen from June 5 and transferred to users’ bank accounts.
Strong comeback in the Asian market
Binance has also managed to re-enter the Malaysian crypto market after acquiring a stake in a regulated exchange. It also returned to Singapore via an acquisition of an 18% stake in a regulated exchange. Additionally, the exchange has managed to gain access to the UK sterling payment network through the partnership with Paysafe.
Also, Japan is one of the first countries to introduce crypto regulations. Previously, regulatory requirements were very strict. Today, they are much more flexible for crypto platforms, making it easier to list new tokens.
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