Binance, the renowned cryptocurrency exchange, has made significant strides in expanding its reach in the Japanese market. According to a latest report, Sakura Exchange BitCoin (SEBC), the Japanese crypto exchange acquired by Binance in November last year, has revealed plans to introduce a new service called Binance JAPANrt.
This move comes under the jurisdiction and scrutiny of the Japan Financial Services Agency (JFSA). Although precise details regarding the service’s launch date are yet to be disclosed, SEBC has confirmed that the new offering will require users to undergo KYC (know-your-customer) procedures, with no carryover of personal information from existing SEBC accounts.
The acquisition of SEBC by Binance, led by CEO Changpong Zhao, facilitated the establishment of a fresh management structure. However, the original Binance was unable to accept new account registrations from Japanese residents.
Consequently, the successful launch of Binance JAPAN, as a fully approved and registered crypto asset exchange becomes paramount. Furthermore, users eagerly anticipate confirmation of the seamless continuity of global services post-launch and the possible inclusion of Binance’s primary stocks, such as BNB, on the whitelist of tradable assets.
Notably, SEBC’s current domestic exchange brokerage service is slated to conclude on May 31. Customers have been advised to sell their crypto assets and withdraw any Japanese yen from their accounts before the stipulated deadline.
Binance Successfully Blocks North Korean Access To Platform
Meanwhile, during a speech at CoinDesk’s Consensus 2023 event, Tigran Gambaryan, head of financial crime compliance at the exchange, revealed that the popular crypto exchange has successfully implemented measures to prevent North Koreans from accessing their platform.
Gambaryan stated that Binance’s actions have been effective in deterring North Korean individuals from using the exchange, stating:
We kicked their ass enough that they’re actually able to recognize that Binance was not the place for them.
Gambaryan further emphasized the exchange’s commitment to compliance, highlighting the extensive efforts of its 700-member compliance team. He revealed that they handle around 1,300 law enforcement requests on a weekly basis, underscoring the exchange’s dedication to maintaining a secure and regulated trading environment.
This news comes in the wake of the U.S. Treasury Department’s sanctioning agency recently imposing sanctions on three North Korean individuals for their alleged involvement in supporting the Lazarus Group, a notorious North Korean hacking team known for carrying out cryptocurrency thefts.
Nevertheless, the exchange’s acquisition of Sakura Exchange BitCoin and its upcoming launch of Binance JAPAN demonstrate its continued efforts to expand its reach in the Japanese market.
Additionally, the exchange’s commitment to compliance and proactive stance against illicit activities, including preventing North Koreans from accessing their platform, showcase the exchange’s dedication to maintaining a secure and regulated trading environment for cryptocurrency users.