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Binance trying to again enter in Japanese Crypto Market

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Binance, which is among the world’s biggest cryptocurrency exchanges, intends to re-enter the Japanese cryptocurrency market after buying the licensed cryptocurrency trading platform Sakura trading Bitcoin (SEBC). The acquisition of SEBC by Binance was completed in November 2022, and the firm is expected to rename the SEBC platform as the Japanese version of Binance in June 2023.

A news story from a local newspaper reported that SEBC, the cryptocurrency trading platform acquired by Binance, will stop offering its current services on May 31, 2023. The article did not specify when Binance Japan would launch. Existing SEBC users must withdraw their money from the platform before May 28, 2023. Any remaining funds in these accounts on June 5th will be converted to Japanese yen and transferred to users’ bank accounts. Users of the Japanese version of Binance cryptocurrency exchange will soon need to undergo updated identity verification and Know Your Customer checks.

t has been almost five years since Binance failed to acquire an independent license in Japan. However, the company is now making a comeback in the country by buying a licensed entity. In 2018, Binance was asked by banking officials to stop its operations in Japan because it lacked proper regulatory permission. However, the exchange has since improved its relationship with regulators and has re-entered other markets by purchasing shares in regulated entities.

Binance has made a successful return to several markets by purchasing shares in regulated exchange platforms. They first returned to the Malaysian cryptocurrency market by acquiring a share in a regulated exchange, followed by re-entering the Singapore market by purchasing an 18% stake in a regulated stock exchange. In the UK, Binance collaborated with Paysafe to gain access to the sterling payment network, despite being denied access by authorities.

Japan has strict rules for cryptocurrency, but it has relaxed some regulations for easier listing of new tokens. Binance’s return to the Japanese market is significant and highlights the importance of complying with regulations in the cryptocurrency industry.

 

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