Crypto exchange Binance is all set to re-enter Japan with the help of the regulated crypto exchange platform Sakura Exchange Bitcoin Co., Ltd. (SEBC). Binance acquired the SEBC, a Japan Financial Services Agency-licensed business, in November 2022 with an aim to re-enter the Japanese crypto market.
According to a report published in a local daily, SEBC would terminate its current crypto exchange and brokerage services by May 31 and reopen as Binance Japan after June 2023. The SEBC notice didn’t make announce any official date of launch.
Users of the SEBC exchange are required to withdraw their funds before the deadline of May 28 and any funds remaining in these accounts will be automatically converted to Japanese yen by June 5 and transferred to users’ respective bank accounts. The users of Binance Japan would have to carry out fresh identity verification and KYC as well.
Binance’s re-entry into Japan through an acquired entity comes nearly 5 years after its primary bid to obtain an independent license failed. Binance had to fold its operations in Japan in 2018 after a warning by the financial regulators for operating without regulatory clearance by the authorities.
The leading crypto exchange has faced regulatory compliance issues in more than a dozen nations over the years. However, the exchange platform has managed to mend its relations with regulators and in many countries where it has struggled to obtain an independent license Binance re-entered these markets by acquiring stakes in regulated entities.
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Prior to its Japan re-entry, Binance managed to reenter the Malaysian crypto market after acquiring a stake in a regulated exchange platform. The exchange also re-entered the Singapore market with an 18% stake in a regulated stock exchange. Similarly, the crypto platform managed to access United Kingdom’s sterling payment network with a partnership with Paysafe despite regulators declining access to the same.
Japan is one of the first nations to introduce some form of crypto regulations and while earlier the regulatory requirements were considered strict, the country has now eased regulatory demands for crypto platforms, making it easier to list new crypto tokens.