Binance will open new Japan unit after June: CoinDesk

Binance will open new Japan unit in June: CoinDesk

28.04.2023 14:10 (Updated 28.04.2023 14:04)
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by Yana Popenkova
2 min read

The largest crypto exchange Binance will launch a Japanese unit in June 2023, CoinDesk reports. In November 2022, Binance re-entered Japan by acquiring Sakura Exchange BitCoin (SEBC). SEBC is regulated by the Financial Services Agency of Japan (JFSA).

Related: Binance acquires Japanese exchange SEBC

According to the statement, Binance will cease operations at SEBC on May 31. SEBC platform currently supports 11 trading pairs. It’ll be replaced by a new organization under the temporary name of Binance Japan.

In 2018, the FSA warned Binance about the need to obtain a license to continue operating in the country. Obtaining a license in Japan is a time-consuming process. There is a long period of risk assessment when new cryptocurrency exchanges are opened.

In September 2022, the cryptocurrency exchange reapplied for a license in the country. According to Bloomberg, the company’s interest in the jurisdiction was driven by “the nation’s easing approach to crypto and substantial potential for user growth.”

When Binance acquired SEBC, Binance Japan general manager Takeshi Chino stated:

The Japanese market will play a key role in the future of cryptocurrency adoption. As one of the worldโ€™s leading economies with a highly-developed tech ecosystem, itโ€™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.

Recall that ASIC revoked the license of Binance Derivatives Australia in April 2023.

In the same month, Reuters reported that the largest crypto exchange has made preparations to expand its business to the Argentine market. Maximiliano Hinz, director for Binance in the Southern Cone, told Reuters:

This launch has to do with the public demand that exists here.

Author

  • Previously worked in the arts, now specializes in covering crypto with an emphasis on DeFi, blockchain and mass adoption. Offers simple and clear writing, always looking for new ways to present information. Major in International Relations, minor in English, in a spare time reads postmodern literature, does yoga and watches movies.

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