Global cryptocurrency exchange Binance is expanding into the Japanese market by acquiring Sakura Exchange BitCoin (SEBC), the Japanese-registered crypto exchange service provider.
Through the purchase, Binance is now a Japan Financial Services Agency (JFSA) regulated firm, as stated in the release. This means that Binance has officially entered the Japanese market.
SEBC, situated in Tokyo, is a cryptocurrency exchange that is registered with the JFSA and provides its clients with consultancy services as well as brokerage services.
Following the acquisition of SEBC, Binance has been granted its first license in the East Asian region. The particulars of the purchase deal were not disclosed to the public.
Binance has been awarded regulatory certifications or authorizations from the following jurisdictions: Bahrain, Abu Dhabi, Dubai, New Zealand, Kazakhstan, Poland, Lithuania, and Cyprus.
According to the release, “Binance hopes to create a responsible worldwide environment for cryptocurrencies by delivering Japanese-regulated services via SEBC.”
The general manager of Binance Japan, Takeshi Chino, made the following statement: “The Japanese market will play a major role in the future of cryptocurrency adoption. Because it is one of the top economies in the world and has a highly developed tech environment, it is already well positioned for the widespread adoption of blockchain technology. We shall engage in productive collaboration with the regulatory bodies in order to build our combined exchange in a manner that is in compliance with the needs of the local users. We are enthusiastic to assist Japan in taking the lead position in the crypto industry.
Hitomi Yamamoto, the Chief Executive Officer of the SEBC, stated that “On top of our effort to prioritize user protection, Binance’s strong compliance system will contribute to building a more compliant atmosphere for users in Japan and help them access key crypto services needed for mass adoption in the future.”
In September, it was disclosed that cryptocurrency exchange Binance is attempting to get a permission for operating in Japan in order to make up for the fact that it left the nation four years ago because it did not have a license.
Binance’s interest in doing business in Japan was reignited when the Japanese government took steps to relax its stance significantly on cryptocurrencies, and that desire has been proved with this purchase.
Compiled by Coinbold