Binance is set officially reenter Japan sometime after June 2023.
Binance, the largest crypto exchange in terms of daily trading volumes, is making a comeback in Japan by acquiring the regulated crypto exchange Sakura Exchange Bitcoin (SEBC).
The acquisition of this Japan Financial Services Agency-licensed business, which took place in November 2022, aims to bring Binance back to the Japanese crypto market.
Did you know?
Subscribe - We publish new crypto explainer videos every week!
What is the Metaverse? (Meaning + Animated Examples)
According to the report shared by a local news portal, SEBC plans to cease its current crypto exchange and crypto-related services by May 31st. Following the shutdown, the platform will reopen as Binance Japan sometime after June 2023, although an official launch date has yet to be revealed.
SEBC exchange users are required to withdraw their funds before May 28th. Any remaining funds in the accounts will automatically be converted to Japanese yen by June 5th and transferred to the users' bank accounts. New identity verification and Know Your Customer (KYC) checks will be mandatory for Binance Japan users.
Binance's return to Japan via an acquired entity marks a significant development, considering its previous attempt to obtain an independent license in the country failed almost five years ago.
In 2018, Binance was forced to shut down its Japanese operations after receiving a warning from financial regulators for operating without proper authorization.
The crypto exchange has reentered several markets by acquiring stakes in regulated entities where it previously struggled to obtain independent licenses. Before making its way back to Japan, Binance successfully reentered Malaysia, Singapore, and the United Kingdom.
Japan was one of the first countries to introduce crypto regulations. Initially regarded as strict, the regulatory requirements have eased over time, making it more accessible for crypto platforms to list new tokens.
Binance's acquisition of SEBC and its subsequent reentry into the Japanese crypto market demonstrates the company's resilience and adaptability in navigating the ever-changing regulatory landscape.
