Binance Still Has Big Growth Plans Despite Crypto Market Crash | CNN Business

New Delhi
CNN Business
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Binance is expanding into new markets even as the crypto industry grapples with the turmoil triggered by the dramatic collapse of crypto exchange FTX.

The world’s largest cryptocurrency exchange has acquired Sakura Exchange BitCoin (SEBC), a crypto exchange registered in JapanBinance says on his site Wednesday. The deal would allow Binance to enter the world’s third-largest economy as a regulated entity.

The purchase of SEBC marks Binance’s first license in East Asia, the company said. He did not disclose the terms of the transaction.

“We will actively work with regulators to develop our combined exchange in a compliant manner for local users,” said Takeshi Chino, Managing Director of Binance Japan. “We look forward to helping Japan take a leading role in crypto.”

The acquisition comes at a time when the digital asset industry is struggling with the financial contagion triggered by the fall of FTX.

Last month, Binance Founder and CEO Changpeng Zhao offered a lifeline to Sam Bankman-Fried, the founder of FTX, who was once one of the industry’s most respected leaders.

But Binance almost immediately pulled outclaiming that after reviewing FTX’s finances, he concluded that the company’s problems were “outside our control or our ability to help”.

The deal quickly fell apart, paving the way for FTX to file for bankruptcy and Bankman-Fried to resign.

Zhao later announced that to mitigate any further damage caused by FTX’s collapse, his team would establish “an industry stimulus fund, to help projects that are otherwise solid, but in liquidity crisis.”

During a virtual appearance at the New York Times DealBook Summit in New York on Wednesday, Bankman-Fried said he “never tried to defraud anyone,” while admitting he “screwed up” .

“There are things I would do anything to do again,” said the 30-year-old. “I was shocked by what happened this month.”