By
Chimamanda U. Martha
April 23rd, 2024
Leading crypto exchange Binance has secured regulatory compliance in Japan via the 100% acquisition of local exchange Sakura Exchange BitCoin.
Binance has announced the acquisition of Japanese-registered crypto exchange service provider Sakura Exchange BitCoin (SEBC). According to the Changpeng Zhao-led crypto exchange, it now owns 100% of Sakura. In addition, with its wholly-owned ownership, Binance seeks to foray into the Japanese clime, as an entity regulated by the Japan Financial Services Agency (JFSA). By offering Japanese-regulated services through SEBC, the major crypto exchange supports a responsible global environment for digital currencies.
Binance Sakura Exchange BitCoin Acquisition Marks Exchange’s First Venture into East Asia
Binance’s acquisition of SEBC is the company’s first license in East Asia. Speaking on this development, Takeshi Chino, general manager of Binance Japan, explained:
“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’s already poised for strong blockchain uptake.”
In addition, the Binance Japan general manager also reaffirmed Binance’s commitment to collaborating with regulators and raising Japan’s global crypto profile.
“We will actively work with regulators to develop our combined exchange in a compliant way for local users. We are eager to help Japan take a leading role in crypto,” said Chino.
Binance, the world’s largest exchange in daily crypto trading volume, already has regulatory approvals or authorizations in several counties. These include France, Italy, Kazakhstan, Spain, Bahrain, Abu Dhabi, Lithuania, Dubai, New Zealand, Poland, and Cyprus.
CEO of Sakura Exchange, BitCoin Hitomi Yamamoto, also expressed delight and optimism at working closely with Binance in Japan. Describing Binance as a leading global crypto asset exchange service provider, Yamamoto noted:
“Binance’s strong compliance system will contribute to building a more compliant atmosphere for users in Japan and help them access key crypto services needed for mass adoption in the future.”
In addition, the SEBC chief executive also stated that paramount among Sakura’s stated objectives is to prioritize user protection.
SEBC is a JFSA-registered crypto exchange that provides consultation and brokerage services to customers. Based in Tokyo, the platform currently supports 11 trading pairs, including BTC/JPY, ETH/JPY, XRP/JPY, LTC/JPY, ADA/JPY, XYM/JPY, and COT/JPY.
Neither Binance nor SEBC disclosed the terms of the deal.
Binance Notice Regarding New User Registrations in Japan
Binance announced it will not onboard new users in Japan to its main Binance.com website. This announcement is effective today, with Binance adding that “Existing users will not be affected by the changes”. According to a spokesperson for the prominent crypto exchange, existing users are still privy to products and service offerings on Binance.com. The Binance spokesperson further explained that this move allows SEBC to accept new users instead. The Japanese crypto exchange service provider will accept new users until further notice and continue to offer its existing services.
Because Binance owns SEBC, the SEBC team will gradually merge with the Binance organization. In addition, the platform’s users will also join the Binance ecosystem.