In an exciting update from Binance, the world’s leading cryptocurrency exchange, CEO Changpeng Zhao revealed that it would extend its complete range of services to Japanese customers from August onwards. Zhao made the announcement at a conference in Tokyo on Tuesday.
Binance’s Return to Japan
This development comes on the heels of Binance acquiring Sakura Exchange BitCoin (SEBC), a local Japanese cryptocurrency exchange, in a confidential deal last year. SEBC is under the regulation of the Financial Services Agency (FSA) in Japan, which provides Binance with the official sanction to recommence its operations in Japan.
Following the acquisition, a representative from Binance told that the company sees Japan as a crucial player in the evolving Web3 industry. They also highlighted the country’s vast potential for further adoption of cryptocurrencies.
Transitioning to the New Platform
Back in May, Binance made a declaration to suspend its services for Japanese users on its global platform by the end of November. However, it promised existing users the option to transfer to the new locally-based platform through a fresh identity verification process starting from August 1.
At the onset, Binance plans to introduce spot trading for as many as 30 digital assets on the new platform.
Binance and Japan’s Regulatory Landscape
The FSA set a registration process in motion for cryptocurrency companies in 2017, necessitating them to file with the regulatory body to operate within the country. Since this enactment, Binance received at least two warnings from the FSA in 2018 and 2021, regarding its operation in Japan without the required permits.
Interestingly, the second warning was issued even after Binance claimed to have exited the country. As of September 2022, before acquiring SEBC, reports suggested that Binance was seeking a license to operate in Japan and intended to apply for regulatory approval.
