Binance, the world’s largest crypto exchange by trading volume, is planning to return to Japan before the end of summer. According to CEO Changpeng Zhao, who spoke at a conference in Tokyo, Binance will start offering full services to Japanese users in August. This comes after Binance acquired Sakura Exchange BitCoin (SEBC) in November last year, for an undisclosed amount.
Binance is Set to Return to Japan
SEBC is regulated by the Financial Services Agency (FSA) of Japan, which allows Binance to officially re-enter the Japanese market through its acquisition. In May, Binance announced that it would stop providing services to Japanese users on its global platform on November 30th.
However, current users will have the option to transfer to the new local platform after August 1st, by completing a new identity verification process.
Binance acquired Sakura for an undisclosed amount, which allowed the crypto exchange to re-enter the Japanese market through a platform regulated by the Financial Services Agency (FSA). This is Binance’s first presence in Japan since 2018 when it was forced to leave due to regulatory compliance issues.
Binance Japan, operating through SEBC, will now function as a fully compliant platform offering crypto and digital asset services to Japanese users. This development is supported by statements from Japan’s Prime Minister Fumio Kishida, who has suggested ways for crypto operators to establish themselves in the country and expand the local digital currency ecosystem.
Policymakers have also recently revised token listing procedures to include more coins and are considering rules to help crypto businesses comply with financial regulations.
Although Binance is planning to re-enter the Japanese market, it has faced challenges in Europe and the U.S. due to regulatory crackdowns. The crypto exchange has left Cyprus and had its derivatives license revoked by the Australian Securities and Investments Commission (ASIC). Additionally, Binance’s office in Paris was raided by French authorities on suspicions of money laundering activities.