- Binance, the world’s largest crypto exchange, plans to introduce full services in Japan by August.
- The move follows Binance’s acquisition of Sakura Exchange BitCoin (SEBC), which is regulated by Japan’s Financial Services Agency (FSA).
The dominant crypto exchange in the global market, Binance, is preparing to revitalize its presence in Japan by offering comprehensive services to Japanese users beginning this August, as announced by CEO Changpeng Zhao at a Tokyo conference.
Back on Japanese Soil: Binance’s Strategic Move
This development comes in the wake of Binance’s purchase of Sakura Exchange BitCoin (SEBC) in an undisclosed agreement last November. SEBC is under the regulatory purview of Japan’s Financial Services Agency (FSA), granting Binance the green light to officially reestablish its operations in Japan.
Back in November, a Binance representative revealed to Decrypt that Japan holds “huge potential in the emerging Web3 industry” and is set to “play a key role” in the continued acceptance and growth of cryptocurrencies.
In May, Binance disclosed plans to halt services for Japanese users on its global platform as of November 30, allowing existing users to transition to the new local platform via a fresh identity verification process post-August 1. The initial proposal outlined the offering of up to 30 digital assets for spot trading on the newly-minted platform.
Japan has had a complex relationship with Binance since 2017, when the FSA instituted a registration protocol for crypto companies operating in the country. The FSA issued warnings to Binance in 2018 and 2021 for functioning in Japan without the requisite permissions, despite Binance’s declaration of exiting the Japanese market.
In a twist of events, just before acquiring SEBC in September 2022, rumors circulated about Binance seeking a license to conduct operations in Japan, intending to apply for regulatory approval. When queried about discussions with specific regulators, a spokesperson for Binance remained tight-lipped, only assuring Decrypt of the exchange’s commitment to working with regulators and policymakers to protect consumers, stimulate innovation, and advance the crypto industry on a global scale.
