Private from the Japanese market for more than a year, Binance should be able to operate there again by June 2023. This reopening is made possible by the takeover of Sakura Exchange Bitcoin (SEBC) in November 2022, a local Japanese platform.
Binance’s return to Japan
Binance continues to expand its empire and reclaim territories it had lost. The world’s leading cryptocurrency platform should likely be able to operate in Japan again by June 2023.
The information was confirmed in a Japanese newspaper, the Crypto Times. The Sakura Exchange Bitcoin (SEBC), a Japanese platform acquired in November 2022 by Binance, is expected to end its activities on May 31, 2023. It is expected to reopen a few days laterduring the month of June, under the Binance Japan banner.
Current SEBC users have until May 28 to withdraw their cryptocurrencies. Remaining funds will be converted into Japanese yen and returned automatically to associated bank accounts. Investors wishing to continue the adventure using Binance Japan will have to comply with new identity verification steps and anti-money laundering.
Founded in 2017 in Osaka, Sakyra Exchange Bitcoin allows its users to buy, hold and sell ten digital assets for yen. The arrival of Binance should make it possible to expand the offer and services offered by SEBC.
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Binance Facing Bans
Between 2018 and 2021, Japan’s Financial Services Agency (FSA) has issued numerous warnings against Binance, accusing the platform of operating on its territory without authorization. Binance was eventually forced to cease operations in Japan.
This is not the only time that the leader of the exchanges has been confronted with this kind of problem. On the contrary, more than a dozen countries have restricted or banned Binance from operating for non-compliance with the rules imposed by regulators and financial police.
Nevertheless, Changpeng Zhao has always come out of it to find a solution, and this news is further proof of that. Failing to obtain the registration license in the country, Binance opted to acquire an existing platform in order to re-enter the market.
Regarding takeovers, Binance recently terminated the acquisition proceedings of Voyager Digital. In bankruptcy following a payment default by Three Arrows Capital (3AC) since July 2022, the platform’s assets were to be acquired by Binance.US, a deal that ultimately fell through.
👉 Also in the news – Changpeng Zhao has a fortune of 28 billion dollars?
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Source: The Crypto Times
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Lilian Aliaga
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