Binance Expected To Launch Crypto Services In Japan
Binance, the market’s largest cryptocurrency exchange, announced Tuesday that it will begin offering full services to Japanese users in August.
Binance acquired Sakura Exchange BitCoin (SEBC) in an unreported transaction in November.
SEBC is regulated by Japan’s Financial Services Agency (FSA), so the acquisition allows the cryptocurrency exchange to re-enter the country.
In November, a Binance representative told Decrypt that Japan had “huge potential in the emerging Web3 industry” and will “play a key role” in the further acceptance of cryptocurrency.
Binance has acquired Sakura Exchange BitCoin (SEBC), the world’s largest crypto exchange by total volume, to reenter the Japanese crypto market. SEBC is already regulated by Japan’s Financial Services Agency (FSA), allowing Binance to reenter the country. The acquisition amount was not disclosed. Binance plans to discontinue services for Japanese users on its global platform on November 30, offering migration to the new local platform through identity verification after August 1. The exchange initially planned to offer up to 30 digital assets for spot trading on the new platform. In 2017, the FSA introduced a registration process for cryptocurrency companies operating in Japan, requiring them to file with the regulator.
(With inputs from Shikha Singh)
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