Cryptocurrency exchange Binance has re-entered the Japanese market after acquiring a 100% stake in Sakura Exchange Bitcoin (SEBC), a regulated cryptocurrency exchange in Japan.
- SEBC is a regulated entity of the Japan Financial Services Agency (JFSA).
- By acquiring SEBC, Binance aims to provide Japanese regulatory services through the exchange.
- At the time of Binance’s acquisition, the Tokyo-based exchange supported 11 trading pairs. Mainly cryptocurrencies and Japanese yuan pairs.
Despite the tense situation in the crypto market following the collapse of FTX, which seems to have dragged down other crypto entities like BlockFi, Binance seems to be spreading its wings even further. pulled out of the planned FTX bailout plan, citing issues with FTX’s financial books.
Over the past few years, Binance has expanded its operations in various countries to establish its authority within the crypto space. So far, the crypto exchange has secured regulatory approvals in France, Italy, Spain, Bahrain, Abu Dhabi, Dubai, New Zealand, Kazakhstan, Poland, Lithuania and Cyprus.
The acquisition of Sakura Exchange BitCoin marks our first entry into East Asia. Most importantly, SEBC is already regulated. This means that Binance can offer regulated services in Japan, a major economy in East Asia.
and press release Announcing the acquisition of the Japanese exchange, Takeshi Chino, general manager of Binance Japan, said:
“The Japanese market will play a key role in future cryptocurrency adoption. As one of the world’s leading economies with a highly developed technology ecosystem, it is already poised to embrace blockchain strongly. We will actively work with regulators to develop integrated exchanges in a compliant manner for local users.We aspire to see Japan play a leading role in cryptocurrencies. .”
At the time of the acquisition, SEBC provided customer advisory services and cryptocurrency brokerage services supporting 11 cryptocurrency and Japanese yuan trading pairs. Trading pairs include BTC/JPY, ETH/JPY, BCH/JPY, XRP/JPY, LTC/JPY, ETC/JPY, XEM/JPY, MONA/JPY, ADA/JPY, XYM/JPY, COT/JPY. will be