Binanceone of the biggest cryptocurrency exchanges in the market is started setting up a new platform in Japan. The popular exchange pulled out of the Asian country’s market five years ago after new regulations hampered operations. With the relaunch of a new exchange in Japan, Binance can once again provide a large market with crypto services.
Sakura Exchange Bitcoin
Binance took the first step towards a regulated crypto exchange in Japan when it became the regulated exchange Sakura Exchange Bitcoin (SEBC) took over in 2022. As part of the purchase, users from the Japanese platform will be migrated to the new exchange. Accounts will close on SEBC on May 31 and then continue under Binance on August 1. In doing so, users’ funds are automatically converted to Japanese yen and transferred to the bank accounts. With the re-entry into the Japanese market, the major crypto company is greatly expanding its customer base. With over 125 million inhabitants, Japan is an important market for the company and for crypto in general.
Binance operates internationally
The large crypto company is busy expanding internationally. However, with the tightening of regulations in many countries, it is becoming increasingly difficult. The current strategy is to buy up local entities in order to more easily comply with local legislation.
Examples include purchases from local exchanges in Malaysia, Singapore and Thailand. Recently, however, Binance also had to expand its activity in the Canadian market stop. The regulations used by the Canadian Securities Administrators (CSA) is too much in the way of the largest crypto exchange. However, the exchange is not alone in pulling out of the North American market. Other established crypto companies such as OKX and Paxos have also left the Canadian market.
It should be clear that the popular exchange is not sitting still and continues to expand into new markets. With the relaunch of a new Binance platform in the Japanese market, the company is expanding step by step.