- Binance returns to Japan with the acquisition of crypto trading platform SEBC.
- Binance shut down its Japanese operations in 2018 after regulators warned it was operating without approval.
According to a local resident news reportleads cCryptocurrency exchange Binance returns to Japan with the acquisition of Japan Financial Services Agency-licensed crypto trading platform Sakura Exchange Bitcoin (SEBC).
Binance purchased SEBC in November 2022, hoping to re-enter the Japanese crypto market.
The ongoing SEBC’s exchange and brokerage services will end on May 31. The body will reappear as Binance Japan after June 2023, although SEBC has not officially announced a launch date.
According to the report, SEBC users must withdraw their funds by May 28. Remaining balance on these accounts will be automatically converted to Japanese Yen and transferred to users’ bank accounts before June 5. Binance Japan customers would be required to undergo new identity verification and Know Your Customer (KYC) procedures.
Binance negotiates with the global crypto market through partnerships
It had been about five years since Binance’s primary bid to obtain an independent license in Japan fell through. The exchange was forced to wind down its operations in Japan in 2018 after regulators warned it was operating without approval.
Binance previously re-entered the Malaysian crypto sector by obtaining a share in a regulated crypto trading exchange. With postal money stake on a regulated local exchange, the exchange also re-entered the Singapore market.
Likewise, it was able to access the British pound payment network by to collaborate with Paysafe, even as it faced stiff opposition from regulators.
Binance has struggled with compliance issues in a number of countries for years. However, it has been successful in negotiating these issues.
The exchange entered crypto markets in many countries where it struggled to obtain an independent license by acquiring stakes in regulated local trading firms.
Japan was one of the first countries to enact crypto regulations. While these rules were considered strict at the time, they have since been relaxed for crypto exchanges. This is done so that the process of offering new tokens is not cumbersome.
