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Crypto exchange Binance has initiated moves that will enable it to enter the Japanese crypto market as a regulated entity. The company has recently announced that it has acquired a Japanese crypto exchange that is already regulated.
On Monday, cryptocurrency exchange Binance announced that it has acquired 100% of Sakura Exchange Bitcoin (SEBC), a Japanese crypto exchange service provider regulated by the Financial Services Agency, Bitcoin.com reported.
“Through this acquisition, Binance enters the Japanese market as a Japan Financial Services Agency (JFSA) regulated entity,” the company explained. “By offering Japanese-regulated services through SEBC, Binance aims to support a responsible global environment for cryptocurrencies.”
SEBC is a Tokyo-based crypto exchange that offers consultation and brokerage services to its customers. Its trading platform supports 11 trading pairs such as BTC/JPY, ETH/JPY, BCH/JPY, XRP/JPY, LTC/JPY, ETC/JPY, XEM/JPY, MONA/JPY, ADA/JPY, XYM/JPY, and COT/JPY.
Binance Japan Takeshi Chino explained that his company’s expansion in Japan is driven by their conviction of the Japanese market’s importance. “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,” he said.
Takeshi Chino also assured that Binance Japan will be fully compliant with the country’s crypto regulations while offering its products and services. “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,” he added.
Binance ceases its operations in Japan in 2018 after receiving a warning by the Financial Services Agency for operating without a license. The crypto exchange received another warning in June last year as the FSA reiterated that the crypto firm provided crypto exchange services to Japanese customers without registration.
“The acquisition of SEBC marks Binance’s first license in East Asia,” Binance said.
