Approximately two years after being issued a warning by the nation’s financial regulator, major cryptocurrency exchange Binance announced the opening of a Japan-based branch.
How Binance returns to Japan
Local cryptocurrency exchange Sakura Exchange Bitcoin (SEBC) has started as Binance Japan, according to a July 31 release by Binance, in an effort to comply with local regulations. The company announced that as of August 1 it was providing spot trading for 34 tokens, with intentions to begin migrating international Binance customers on August 14.
The exchange aims to provide a range of services, including spot trading, Earn products, and an NFT marketplace, to its new consumers in Japan. In addition, they intend to expand their service offerings in the Japanese market by introducing derivatives services in compliance with local laws. In order to begin the migration process for current clients in Japan who already have global Binance accounts, Binance Japan will issue a separate announcement after August 14.
Following the relocation of its operations from China, the crypto exchange’s headquarters were also located in Japan, where Changpeng Zhao, the CEO of Binance, had previously resided. However, in response to cautions from Japanese financial regulators over its licensing, Binance moved to Malta in 2018.
Binance did not hold exchange operations there or actively solicit Japanese users
In a letter to Binance in June 2021, the Japanese Financial Services Agency (FSA) cautioned the exchange against conducting business in the nation without a permit. The company did not “hold exchange operations” there or “actively solicit Japanese users,” a spokeswoman claimed at the time.
In November 2022, Binance purchased Bitcoin from Sakura Exchange, indicating the company intended to reenter the Japanese cryptocurrency market within the necessary regulatory framework. Following the acquisition, SEBC changed its name to Binance Japan Inc. The corporation cited the Japanese digital asset market’s growing interest in blockchain in claiming that the action was intended to “bolster” its development.
Fumio Kishida, the prime minister of Japan, has supported the government’s initiatives to encourage Web3 developments in his nation. Other cryptocurrency exchanges, like Kraken and Coinbase, however, made the decision to cease operations in Japan due to market conditions.
We’re proud to announce that #Binance has officially launched in Japan as Binance Japan K.K.
Users in the country now have access to more tradable tokens than any other exchange, with Spot and Earn products available.
Find more details below.https://t.co/grxPYSsp84
— Binance (@binance) August 1, 2023
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