Global cryptocurrency exchange Binance is expanding into the Japanese market by acquiring Sakura Exchange BitCoin (SEBC), the Japanese-registered crypto exchange service provider.
According to the announcement, Binance has entered the Japanese market as a Japan Financial Services Agency (JFSA) regulated entity through this acquisition.
Tokyo-based SEBC is a JFSA-registered crypto exchange that offers its customers consultation services and brokerage services.
Binance’s first license in East Asia has been acquired with the purchase of SEBC. The transaction’s terms of the acquisition weren’t made public.
Bahrain, Abu Dhabi, Dubai, New Zealand, Kazakhstan, Poland, Lithuania, and Cyprus have all granted Binance regulatory certifications or authorizations.
“By offering Japanese-regulated services through SEBC, Binance aims to support a responsible global environment for cryptocurrencies,” as per the announcement.
Takeshi Chino, general manager of Binance Japan, stated “The Japanese market will play a key role in the future of cryptocurrency adoption. As one of the world’s leading economies with a highly-developed tech ecosystem, it’s already poised for strong blockchain uptake. We will actively work with regulators to develop our combined exchange in a compliant way for local users. We are eager to help Japan take a leading role in crypto.”
Hitomi Yamamoto, CEO of SEBC, added “On top of our effort to prioritize user protection, Binance’s strong compliance system will contribute to building a more compliant atmosphere for users in Japan and help them access key crypto services needed for mass adoption in the future.”
In September, it was revealed that Binance is seeking to get a permit for operating in Japan after the exchange retreated from the country four years ago due to the lack of a license.
Binance’s revived interest in operating in Japan came in after Japan’s slightly easing approach towards crypto and the interest is now proven with this acquisition.
