Crypto-currency exchange Binance has acquired a regulated Japanese crypto-currency exchange and is now preparing to enter the Japanese crypto market as a regulated entity. ” The Japanese market will play a key role in the future of crypto-currency adoption “, said the managing director of Binance Japan.
Binance enters Japan
Crypto-currency exchange Binance announced Wednesday that it has acquired 100% of Sakura Exchange Bitcoin (SEBC), a Japanese crypto-currency exchange service provider that is regulated by Japan’s main financial regulator, the Financial Services Agency. The announcement explains:
With this acquisition, Binance enters the Japanese market as an entity regulated by the Japan Financial Services Agency (JFSA).
“By offering regulated services in Japan through SEBC, Binance aims to support a responsible global environment for cryptocurrencies“, the statement added.
Tokyo-based crypto-currency exchange SEBC offers brokerage and advisory services to its clients. The trading platform currently supports 11 trading pairs: BTC/JPY, ETH/JPY, BCH/JPY, XRP/JPY, LTC/JPY, ETC/JPY, XEM/JPY, MONA/JPY, ADA/JPY, XYM/JPY, and COT/JPY.
Takeshi Chino, managing director of Binance Japan, said:
The Japanese market will play a key role in the future of crypto-currency adoption. As one of the world’s leading economies with a highly developed technology ecosystem, it is already poised 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 play a leading role in the crypto-currency field“, he continued.
Binance left the Japanese crypto market in 2018 after a warning from the Financial Services Agency about operating without a license. In June last year, Binance received another warning from the regulator reiterating that the exchange provided crypto trading services to Japanese customers without registration.
The crypto-currency exchange has expanded globally. Binance has obtained regulatory approvals or permissions in France, Italy, Spain, Bahrain, Abu Dhabi, Dubai, New Zealand, Kazakhstan, Poland, Lithuania and Cyprus.
According to Binance:
The acquisition of SEBC marks Binance’s first license in East Asia.