Binance Returns to Japan in June 2023, After 5 Years

Last November, Binance acquired Sakura Exchange BitCoin (SEBC) in Japan and announced that it would launch as “Binance Japan” after June 2023.

The world’s largest cryptocurrency exchange, Binance, acquired Sakura Exchange BitCoin (SEBC) in Japan last November and announced that it would launch as “Binance Japan” after June 2023. Currently, SEBC supports 11 trading pairs. The reason for having such a small number of tokens is that, according to regulations, tokens must be reviewed by the Japan Virtual Currency Exchange Association before they can be listed on exchanges in Japan.

Will Binance comply with Japanese laws?

Japan has high regulatory criteria for cryptocurrency exchanges, with most exchanges requiring assets to be held in cold wallets and customers’ assets to be held by a Japanese trust company or a bank trust. Binance’s entry into Japan had previously been warned by Japan’s financial authorities as the company had operated without permission in the country in the past. However, Binance did not remain silent on this issue, and since the acquisition of SEBC, it has been reported that the company has been working on regulatory compliance.

Binance Japan will enter the Japanese market with regulatory compliance in accordance with high regulatory standards, using the existing JFSA license. At the same time, the personal information and account details of SEBC’s existing users will not be transferred to the new exchange, and new users will need to register again on the Binance Japan exchange.

Sakura Exchange BitCoin will terminate all services on the BitCoin platform and stop providing brokerage services for local exchanges. Users will be asked to sell their cryptocurrency assets and withdraw all funds before the exchange closes. Other details regarding the launch of Binance Japan are expected to be announced in the coming days.

Competition in Japan is increasing!

With the launch of Binance Japan in June 2023, there will be more competition in the cryptocurrency market in Japan. Binance Japan is said to offer a range of services for users, but the exact nature of these services has not yet been disclosed.

In conclusion, with Binance Japan launching in June 2023 in Japan, which has high regulatory standards, the company will need to pay special attention to regulatory compliance and security issues. At the same time, the success of Binance worldwide is expected to have a positive impact on the cryptocurrency market in Japan.

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