Binance announced that it has successfully acquired the Japanese-regulated cryptocurrency exchange, Sakura Exchange BitCoin (SEBC).
Following the move, the world’s largest crypto exchange by total volume is currently preparing to reenter the country, this time by formally applying for an operating permit.
The Japanese’s exchange service is regulated by Japan’s top financial regulator, the Financial Services Agency. It offers brokerage and consultation services to the customers.
Binance Japan’s general manager, Takeshi Chino mentioned: “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.”
He added that they will actively work with regulators in efforts to develop their combined exchange in a compliant way for local users and further propel the country into becoming part of the front row in the crypto-sphere.
Re-entering the Japanese Market
This isn’t the first attempt made by Binance to enter the Japanese market.
Previously, the giant crypto exchange exited the Japanese crypto market in 2018 following the issuing of a warning by the FSA for operating without a licence. This was followed by another warning in June last year for providing crypto exchange services to Japanese customers without registration.
Since it was founded in July 2017, Binance has actively expanded globally as well as secured regulatory approvals or authorisations in many regions including France, Italy, Spain, Dubai, New Zealand, Kazakhstan, Poland and many more.