- Japan’s financial authorities had issued a warning that Binance was operating in the country without permission.
- Binance acquired Sakura Exchange BitCoin (SEBC) in November 2022.
- Existing services on SEBC will be terminated for new service under the provisional name “Binance Japan” to be issued.
As Binance continues to expand its business in Asia, it is set to begin operations in Japan in June according to a notice published by the exchange on Friday.
At the moment, Binance is the largest cryptocurrency exchange in the world by market capitalization even after the recent crackdown on its US arm, Binance.US, by authorities in the United States. It is set to use the recently acquired Japanese crypto exchange called Sakura Exchange BitCoin (SEBC) to offer crypto services in the Japanese market.
Launch of Binance Japan
Binance has been working to restructure the SEBC exchange and the existing services on SEBC are scheduled for termination on May 31, 2023, after which the exchange will be renamed “Binance Japan.”
The new Binance Japan is scheduled to start operations after June 2023 according to the notice issued by the Japanese branch of Binance.
Listing cryptocurrencies on crypto exchanges in Japan requires vetting by the Japan Virtual Currency Exchange Association and the SEBC exchange currently supports 11 cryptocurrency trading pairs.
Japan’s crypto exchanges regulations
Japan has a high regulatory standard for crypto exchanges which requires the segregation of customer and exchange assets. The regulations also require that most of an exchange’s assets be kept in cold wallets and customers’ fiat funds to be kept by a Japanese trust company or bank trust.
In 2021, Japan’s financial authorities issued a warning that Binance was operating in the country without permission prompting Binance to look for a local cryptocurrency exchange. With the complete rebranding of the SEBC, Binance will gain full regulatory status in Japan.