Binance got its first license in East Asia by acquiring Japan-based licensed crypto exchange Sakura Exchange BitCoin.
Last year, Japan’s Financial Services Agency listed another warning to Binance on operating in Japan without registration. Back in the day, Binance replied by saying it “does not currently hold exchange operations in Japan, nor do we actively solicit Japanese users.” Binance last operated in Japan in 2018, before the Financial Services Agency of Japan (JFSA) ordered it to stop operating because it did not have a license.
Today, Binance stated in the blogpost of acquiring SEBC to enter Japan under regulatory compliance, citing Binance Japan general manager Takeshi Chino:
“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.”
CEO of SEBC, Hitomi Yamamoto, replied:
“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.”
Either party did not disclose the terms of the deal.
Binance has secured legislation in France, Italy, Spain, Bahrain, Abu Dhabi, Dubai, New Zealand, Kazakhstan, Poland, Lithuania, and Cyprus, with the acquisition of SEBC Japan added to the list.
Related: Binance gets approval to operate in Italy, will open office in Milan
SEBC is a JFSA-registered crypto exchange that offers advisory and brokerage services to its clients. The Tokyo-based exchange currently supports 11 trading pairs: BTC/JPY, ETH/JPY, BCH/JPY, XRP/JPY, LTC/JPY, ETC/JPY, XEM/JPY, MONA/JPY, ADA/JPY, XYM/JPY and COT/JPY.
Related: Binance’s Licenses in Dubai and Bahrain
Crypto Ping Pong Digest
Trash style news. You will definitely like