Binance, the world’s leading crypto exchange, announced its acquisition of Sakura Exchange BitCoins (SEBC), a registered crypto exchange service provider, on November 30th. With this acquisition, the leading crypto exchange opens up its doors to the Japanese Market.
Along with its brokerage business, SEBC also provides its clients with consultancy services. The announcement post lists the 11 trading pairs that the Tokyo-based exchange now supports.
The global market for the world’s largest crypto exchange is expanding. The financial goliath’s quick rise was previously marked by the opening of the Binance door in New Zealand (in September).
The company believes that Asia’s marketplaces have tremendous potential, and it has considered a number of nations for future expansion. Acquisitions are a part of the development ambitions, and the company’s next targets are expansion in the Philippines and Turkey.
The firm received regulatory authorization to sell cryptocurrency services in France, Italy, Spain, Dubai, Abu Dhabi, and Bahrain as part of its worldwide expansion. However, “the acquisition of SEBC marks Binance’s first license in East Asia.”
Binance Re-Entry Into Japanese Market After Four Years
Binance last conducted business in Japan in 2018, the same year the FSA warned it for operating without a license. Binance received a similar notice for violating the registration regulations in 2021.
After four years, the world’s largest crypto exchange now has access to the Japanese market through the SEBC acquisition as a licensed company under the Japan Financial Services Agency (JFSA).
However, the transaction’s terms weren’t made public. The leading crypto exchange seeks to create a responsible global cryptocurrency ecosystem by providing Japanese-regulated services via SEBC.
Takeshi Chino, general manager of Binance Japan, said:
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.
To build their combined exchange in a compliant manner for local customers, he continued, they will actively collaborate with authorities. They are eager to support Japan in taking the lead in the crypto industry.
“On top of our effort to prioritize user protection,” Hitomi Yamamoto, CEO of SEBC, stated that Binance’s robust compliance system would assist create a more compliant environment for consumers in Japan and will allow them to engage with essential services needed for crypto adoption.
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