Binance acquires Japanese crypto exchange Sakura BitCoin
Binance, the world’s largest crypto exchange by traded volume, has made a new bid to enter Japan with the acquisition of Japan-registered crypto exchange service provider Sakura Exchange BitCoin (SEBC). Financial terms of the transaction were not disclosed.
SEBC is one of a total of thirty-one crypto exchanges registered in the country with the Financial Services Agency (FSA).
Binance has withdrawn from Japan in 2018 after the country’s financial regulator warned that the crypto giant was operating in Japan without permission. At the time, CEO Changpeng Zhao spoke out against rumors that Binance would face criminal charges by the FSA. He also claimed the exchange was in “constructive dialogues” with the regulator on the matter.
Takeshi Chino, Managing Director of Binance Japan, said, “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 is already primed for strong blockchain adoption. We will actively work with regulators to develop our combined exchange in a compliant manner for local users. We look forward to helping Japan take a leading role in crypto.
Hitomi Yamamoto, CEO of SEBC, added, “We are honored and excited to make this announcement with Binance, one of the world’s leading providers of crypto-asset exchange services. In addition to our efforts to prioritize user protection, Binance’s strong compliance system will help create a more compliant atmosphere for users in Japan and help them access key crypto services needed for mass adoption globally. ‘coming.
Binance reportedly sought a license to operate in Japan after exiting the country four years ago. People familiar with the matter told Bloomberg that the country’s “softer approach” to crypto and “substantial user growth potential” are the main reasons for Binance’s renewed interest in crypto. the third largest economy in the world.
A Binance The spokesperson cited Japanese Prime Minister Fumio Kishida’s Web3 approach. The prime minister said in May that Web3-related initiatives such as metaverse and non-fungible token (NFT) related developments will be part of the country’s growth strategy going forward.
Since 2017, Japan was one of the first nations in the world to make it mandatory for crypto companies properly register with the regulatory body in order to continue to operate. However, Japanese authorities are proposing new restrictions that would place crypto exchanges under its foreign exchange and foreign trade law.
The move comes as Japan wants crypto firms not to process transactions involving crypto assets subject to asset freeze sanctions against Russia because of the war in Ukraine.
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