Binance enters the Japanese cryptocurrency industry with a 100% takeover of Sakura Exchange BitCoin.
Binance has announced that new user registration on Binance.com will be halted from November 30, 2022.
On Wednesday that it has acquired 100% of Sakura Exchange BitCoin (SEBC). The acquisition signifies Binance's entry into the Japanese market as a Japan Financial Services Agency (JFSA) licensed firm.
Binance will actively comply with the regulator in order to provide better services to local users. It will also assist Japan in taking the lead in crypto and promoting a responsible global environment for cryptocurrency.
On November 30, cryptocurrency exchange Binance re-entered the Japanese market with the acquisition of Japan Financial Services Agency (JFSA) approved crypto exchange Sakura Exchange BitCoin.
Binance has been looking for a license in Japan since September as part of its Asian expansion push. Japan has also relaxed regulations as a result of Prime Minister Fumio Kishida's ongoing efforts to ease crypto regulations in order to enhance Japan's economy.
"The Japanese market will be crucial in the future of cryptocurrency adoption," Takeshi Chino, general manager of Binance Japan, stated. He considers Japan to be one of the world's leading economies, with a well-developed technology environment. Indeed, Japan has already pushed for significant blockchain development.
The Japan Virtual and Crypto Assets Exchange Association (JVCEA) also made it easier for overseas enterprises and crypto exchanges like Binance to list virtual coins and enter the Japanese market. In June, FTX obtained a license to provide cryptocurrency services to its Japanese consumers.
SEBC CEO Hitomi Yamamoto believes Binance's strong compliance framework will help develop a more compliant environment for consumers in Japan, putting user protection first. Furthermore, it will provide future access to critical crypto services required for mass adoption.
In a separate announcement, Binance said that new user registration on Binance.com will be suspended from 2022-11-30. However, existing users will be unaffected and will be able to continue using Binance.com's products and services.
It is possible that new Sakura Exchange BitCoin users will be added (SEBC). The SEBC team will be integrated into Binance gradually. Currently, SEBS supports 11 trading pairs.
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