Binance acquires a Japanese trading platform and re-enters the Japanese market
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Answer Binance acquires a Japanese trading platform and re-enters the Japanese market
The world’s largest cryptocurrency exchange told Binance on Wednesday that it has acquired 100% of Sakura Exchange BitCoin (SEBC).
The acquisition marks Binance’s entry into the Japanese market as a regulated entity of the Japan Financial Services Agency (JFSA).
Binance actively adheres to the regulator and ensures better services for local users.
It will also help Japan take a leading role in the crypto market and support a responsible global environment for cryptocurrencies.
Binance re-enters the Japanese crypto market:
Cryptocurrency exchange Binance has returned to the Japanese market with the acquisition of a cryptocurrency trading platform licensed by the Japan Financial Services Agency (JFSA).
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The acquisition was announced today, November 30.
Binance has been seeking a license in Japan since September amid its continued desire to expand into Asia.
Japan has also relaxed regulations following Prime Minister Fumio Kishida’s persistent efforts to ease cryptocurrency regulations to boost the Japanese economy.
Takeshi Chino, General Manager of Binance Japan, said:
The Japanese market will play a major role in the future of cryptocurrency adoption.
Japan is one of the world’s leading economies with a highly developed tech ecosystem.
In fact, Japan has already made unremitting efforts to develop a robust blockchain.
The Japan Digital Currency Exchange Association (JVCEA) has also facilitated digital currency listing and market entry for foreign companies and cryptocurrency exchanges such as Binance.
FTX obtained a license to offer crypto services to its Japanese clients last June.
SEBC CEO Hitomi Yamamoto emphasized that Binance’s strong compliance system will help build a more compliant atmosphere for users in Japan, with user protection prioritized.
Binance’s compliance will help lead to key crypto services needed for mass adoption in the future, he added:
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We are honored and excited to make this announcement with Binance, one of the world’s leading cryptocurrency exchange service providers.
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