Binance Japan Set To Go Live After June 2023
- Binance-owned Sakura Exchange BitCoin will terminate services and subsequently debut as Binance Japan.
- The move comes nearly five years after Binance exited the Japanese market after a fallout with local regulators.
The world’s largest crypto exchange Binance is set to begin offering services to users in Japan. The move comes more than four months after Binance acquired local Sakura Exchange BitCoin (SEBC) for an undisclosed amount. The Japanese crypto exchange is registered with the Japanese Financial Services Agency (JFSA).
According to Japanese local media, Sakura Exchange announced the latest development earlier today. SEBC plans to terminate all services on its platform and launch a new service under the name “Binance Japan” after June this year. The firm will disclose other details related to the launch in the coming days.
Sakura Exchange will also stop providing brokerage services for local exchanges on May 31, 2023. The firm has asked users to sell their crypto assets and withdraw all funds before the deadline. Binance acquired a 100% stake in SEBC back in November 2022. Its existing JFSA license will allow Binance to enter the Japanese market with appropriate regulatory compliance.
SEBC has clarified that the personal information and account details of its existing users will not be carried over to Binance Japan after its launch. Those interested in trading on the new crypto exchange will have to register again and undergo the mandatory know-your-customer (KYC) formalities.
The regulators in Japan subject crypto firms and their products to a relatively high standard. All tokens are required to be approved by the Japan Virtual Currencies Exchange Association (JVCEA) before getting listed on crypto exchanges. As of now, SEBC offers 11 pairs for trading.
Binance’s re-entry into the Japanese market comes almost five years after it exited the country after a fallout with local financial regulators. Japan’s Financial Services Agency issued a warning to the exchange in 2021, reminding it that it wasn’t allowed to conduct business in the country.