In a statement on Wednesday, Binance, the largest crypto exchange in the world, said it had acquired 100% of Sakura Exchange BitCoin (SEBC). Binance becomes a regulated entity under the Japan Financial Services Agency (JFSA) with the acquisition.
In the future, cryptocurrency adoption will be largely influenced by the Japanese market, said Takeshi Chino, general manager of Binance Japan. Japan has a highly developed tech ecosystem, making it one of the world’s leading economies. Furthermore, it has already pushed for strong blockchain development.
As part of its expansion push in Asia, Binance has been seeking a license in Japan since September. As a result of Prime Minister Fumio Kishida’s continuous efforts to ease crypto regulations to strengthen Japan’s economy, the country’s regulations have also been relaxed.
In addition, the Japan Virtual and Crypto Assets Exchange Association (JVCEA) eased foreign companies and crypto exchanges’ entry into the market.
SEBC CEO Hitomi Yamamoto said:
As one of the world’s leading crypto asset exchanges, Binance, we are honored and thrilled to make this announcement. In addition to our commitment to user protection, Binance’s strong compliance system will help create a more compliant environment in Japan and help users access key crypto services necessary for mass adoption in the future.”
Additionally, Binance will suspend new users’ registration with Binance.com from 2022-11-30 at 08:00 (UTC). Binance.com users will not be affected by this change and can continue to use its products and services.