Binance, the world’s largest cryptocurrency exchange, is set to resume operations in Japan next month, according to reports. The exchange had previously withdrawn from the Japanese market in 2018 due to a dispute with local regulators. However, Binance’s CEO, Changpeng Zhao (CZ), reportedly confirmed the news during a video conference in Tokyo on July 25.
To re-enter the Japanese market, Binance acquired Sakura Exchange BitCoin (SEBC), a local crypto platform supervised by Japan’s Financial Services Agency (FSA). SEBC will cease its services between the end of May and the opening of the new entity. Takeshi Chino, the General Manager of Binance Japan, expressed optimism about the move, describing Japan as one of the world’s leading economies with a highly-developed tech ecosystem and poised for strong blockchain adoption.
It is important to note that customers who wish to join Binance’s venture in Japan will need to re-apply for account opening and fulfill all verification requirements. This ensures compliance with regulatory standards and safeguards the interests of both the exchange and its users.
Binance’s decision to return to Japan comes after a period of over five years during which the exchange refrained from operating in the country. In 2018, the domestic financial regulator issued a warning to Binance for engaging with Japanese residents without proper authorization. Subsequently, the exchange exited the market after failing to meet the regulator’s requirements.
With its re-entry into Japan, Binance aims to tap into the country’s thriving tech ecosystem and contribute to the growing adoption of blockchain technology. The move also signifies the exchange’s commitment to expanding its global presence and providing its services to users in various regions.
As Binance prepares to launch its new platform in Japan, the crypto community eagerly awaits the re-entry of the world’s largest exchange into the Land of the Rising Sun. With its extensive experience and wide range of offerings, Binance’s return is expected to have a significant impact on the Japanese crypto market.
In conclusion, Binance’s upcoming launch in Japan marks a significant milestone for the exchange and the crypto industry as a whole. By re-entering the Japanese market, Binance aims to leverage the country’s advanced tech ecosystem and contribute to the further adoption of blockchain technology. The move also demonstrates Binance’s commitment to expanding its global reach and providing its services to users worldwide.
