Last November, the biggest website for buying and selling digital money bought a smaller website called Sakura Exchange BitCoin.
On Friday, it was announced that Binance, which is the biggest website for buying and selling digital currencies, will soon start working in Japan.
Last November, Binance bought a regulated digital currency exchange called Sakura Exchange BitCoin (SEBC). The current services on SEBC will stop on May 31, and a new service called “Binance Japan” will start after June 2023, according to the announcement.
At the moment, Sakura Exchange BitCoin (SEBC) allows trading of 11 different types of digital currencies. But in Japan, before any digital currency can be listed on an exchange, it needs to be checked by the Japan Virtual Currency Exchange Association.
Japan has strict rules for digital currency exchanges. These rules include keeping customers’ money separate from the exchange’s own money, keeping most of the exchange’s money in safe, offline storage, and making sure that customers’ regular money is held by a special Japanese company that keeps it safe.
Japan’s financial authorities have given a warning before that Binance was doing business in Japan without getting permission first.
