Binance Japan Set To Go Live After June 2023
Binance, the world’s largest cryptocurrency exchange, is scheduled to begin providing services to users in Japan. Binance purchased local Sakura Exchange BitCoin (SEBC) for an unknown sum more than four months ago. The Japanese Financial Services Agency (JFSA) has registered the Japanese cryptocurrency exchange.
Sakura Exchange reported the latest development earlier today, according to Japanese local media. SEBC intends to discontinue all services on its platform and introduce a new service called “Binance Japan” in June of this year. Other details about the launch will be revealed in the coming days, according to the company.
On May 31, 2023, Sakura Exchange will likewise cease providing brokerage services for local exchanges. The firm has asked users to sell their crypto assets and withdraw all funds before the deadline. Binance acquired a 100% stake in SEBC back in November 2022. Its existing JFSA license will allow Binance to enter the Japanese market with appropriate regulatory compliance.
(With inputs from Shikha Singh)
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