With the acquisition of Sakura Exchange BitCoin (SEBC), a Japanese cryptocurrency exchange governed by the nation’s Financial Services Agency (FSA), for an unknown price, Binance, the largest cryptocurrency exchange in the world by trading volume, has entered the Japanese market.
Binance has now formally entered the Japanese market with this purchase, after receiving criticism from the country’s financial services authority last year for operating without a license there.
After obtaining authorisation in other countries including Italy, Spain, Bahrain, Abu Dhabi, France, Kazakhstan, and Dubai, Binance just gained authorization as a supplier of services for crypto assets in Cyprus.
Takeshi Chino, general manager of Binance Japan, said: “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. 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.”
Binance now has its first license in East Asia thanks to the acquisition of SEBC, adding it to the long list of nations where it has some kind of regulatory authority.
Tokyo-based SEBC offers trading of the Japanese yen against 11 digital assets, including BTC, ETH, LTC and ADA.
Hitomi Yamamoto, CEO of SEBC, said: “We are honored and delighted to make this announcement with Binance, one of the world’s leading crypto asset exchange service providers. On top of our effort to prioritize user protection, Binance’s strong compliance system will contribute to building a more compliant atmosphere for users in Japan and help them access key crypto services needed for mass adoption in the future.”