Binance returned to the Japanese market with the acquisition of regulated crypto exchange Sakura Exchange BitCoin (SEBC), according to a blog post on Wednesday.
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Fast facts
- Binance purchased 100% of shares in Sakura, without disclosing the exact value and terms of acquisition. SEBC is regulated by Japan’s Financial Services Agency (FSA).
- Tokyo-based SEBC offers brokerage and advisory services, and trading of the Japanese yen against 11 cryptocurrencies.
- Binance last operated in Japan in 2018, the same year that the FSA issued it a warning for not having a license. In 2021, Binance received a similar warning for failing to comply with registration rules.
- Takeshi Chino, general manager of Binance Japan, said the Japanese market will play a key role in crypto adoption and is poised for a blockchain update, and that Binance will “actively work with regulators.”
- In Asia, Binance operates through partnerships in countries such as Thailand, Malaysia, and Indonesia.
See related article: Crypto exchange Binance in regulators’ crosshairs as scrutiny mounts
