Binance, the largest cryptocurrency exchange by trading volume, is set to launch its services in Japan in June through the locally acquired Sakura Exchange BitCoin (SEBC).
Binance to Enter Japan, Legally
According to a notice published on Friday, SEBC will terminate its operations at the end of May and will start to offer crypto exchange services under the tentative branding of Binance Japan in June.
As such, the local Japanese exchange requested its customers to liquidate their cryptocurrency holdings and withdraw fiat to their bank accounts. Otherwise, the platform will automatically liquidate all crypto holdings on June 5 and return the money to customers’ linked bank accounts.
Unlike other exchanges, SEBC does not support the withdrawal of crypto assets from its exchange platform. In addition, it will terminate all fiat and crypto deposits from the end of April. Currently, it supports trading with 11 trading pairs.
A Heavily Regulated Crypto Market
Binance bought 100 stakes in Sakura Exchange BitCoin last November, paving its way into the Japanese cryptocurrency market.
Japan is a heavily regulated market when it comes to offering cryptocurrencies. Exchanges need local licenses to provide services, and also new listings need approval from the Japan Virtual Currency Exchange Association. Based in Tokyo, SEBC is regulated by the Japan Financial Services Agency (JFSA); thus, the acquisition cut the requirement for Binance to obtain a fresh Japanese license to operate in the country.
The acquisition of SEBC came a year after Japan’s FSA issued a warning against Binance for offering services in the country without any authorization. At the time, the Japanese regulator flagged other top exchanges like Bybit.
Meanwhile, Binance has been facing a few regulatory setbacks recently. The Australian financial market regulator canceled the local license of Binance following an investigation into the exchange’s derivative business. Further, the US Commodity Futures Trading Commission brought a lawsuit against Binance and its CEO, alleging an array of regulatory violations.
This article was written by Arnab Shome at www.financemagnates.com.
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