Binance returns to Japan via acquisition of regulated SEBC

Crypto exchange Binance will re-enter Japan after acquiring regulated crypto exchange Sakura Exchange Bitcoin (SEBC). Binance acquired the exchange, a company licensed by Japan Financial Services Agency, in November of 2022. The intention at the time was to re-enter the Japanese crypto market.

New name ‘Binance Japan’

A local daily newspaper published recently a report stating that SEBC would terminate its current crypto exchange and brokerage services before May 31 and reopen after June 2023 under the name Binance Japan. However, the SEBC notice did not mention an official launch date.

Users of the SEBC exchange must withdraw their funds before May 28. Any remaining balance on their accounts will be automatically converted to Japanese yen on June 5 and transferred to their bank accounts. Binance Japan users will be required to complete new identity verification and Know Your Customer (KYC) checks.

After nearly 5 years, Binance is returning to Japan through an acquired entity after an attempt to obtain an independent license failed in the past. In 2018, Binance was forced to cease operations in Japan after financial regulators warned it was operating without government approval.

Binance compliance issues

Binance has faced compliance issues in more than a dozen countries. Nevertheless, the leading crypto exchange has managed to mend its relationships with regulators by acquiring stakes in regulated entities, allowing it to re-enter the market in many countries where it previously had trouble obtaining an independent license.

Prior to returning to the Japanese market, Binance re-entered the Malaysian crypto market by acquiring a stake in a regulated exchange platform. In addition, the exchange took an 18% stake in a regulated exchange in Singapore. Despite being denied access by regulators, the crypto platform gained access to the British pound payment network through a partnership with Paysafe.

Read Also:  Carlos Alcaraz Returns to Grass Court 338 Days After Wimbledon Victory

Japan, in turn, was one of the first countries to introduce crypto regulations. While the regulatory requirements were considered strict in the beginning, the country has now relaxed the regulatory requirements for crypto platforms, making it easier to launch new crypto tokens, among other things.

Recent Articles

Related News

Leave A Reply

Please enter your comment!
Please enter your name here