- Japan’s financial authorities had issued a warning that Binance was operating in the country without permission.
- Binance acquired Sakura Exchange BitCoin SEBC in November 2022.
- Existing services on SEBC will be terminated for new service under the provisional name “Binance Japan” to be issued.
Binance, which is continuing to expand in Asia, will start operations in Japan this June. notice Published by the exchange Friday.
Binance remains the world’s largest cryptocurrency exchange based on market capitalization, even after recent US government crackdowns against its US subsidiary, Binance.US. It will use the recently acquired Japanese Crypto Exchange called Sakura Exchange BitCoin SEBC to offer crypto services to the Japanese Market.
Binance Japan launches
Binance has been working to restructure the SEBC exchange and the existing services on SEBC are scheduled for termination on May 31, 2023, after which the exchange will be renamed “Binance Japan.”
Binance Japan has announced that the new Binance Japan branch will start operating after June 2023.
SEBC currently supports 11 cryptocurrency trading pair. Listing crypto currencies on crypto exchanges requires approval by the Japan Virtual Currency Exchange Association.
Japan’s crypto exchanges regulations
Japan’s high standard of regulation for crypto exchanges requires that customer assets and exchange assets be kept separate. The regulations also require that most of an exchange’s assets be kept in cold wallets and customers’ fiat funds to be kept by a Japanese trust company or bank trust.
In 2021, Japan’s financial authorities issued a warning that Binance was operating in the country without permission prompting Binance to look for a local cryptocurrency exchange. Binance will be granted full regulatory status in Japan with the complete rebranding the SEBC.
