- Binance is preparing to start operations with the Asian company it has acquired.
- Binance maintains its importance in the Asian market and continues to expand.
Binance announced that it will start operations in this Asian country in June with its newly acquired company!
Binance Expands Its Activities in the Asian Market!
Binance, while continuing to expand its business in Asia, announced on Friday that it will start operations in Japan in June.
Currently, Binance is the world’s largest cryptocurrency exchange by market value, even after facing pressure from US authorities on its US branch, Binance US. It will use Sakura Exchange BitCoin (SEBC), a Japanese cryptocurrency exchange recently acquired to offer crypto services in the Japanese market.
Binance is working to restructure the SEBC exchange, and the current services on SEBC are planned to end on May 31, 2023, after which the exchange will be renamed “Binance Japan.”
According to the announcement by Binance’s Japanese branch, the new Binance Japan is planned to start operations after June 2023.
Listing cryptocurrencies on Japanese cryptocurrency exchanges requires review by the Japan Virtual Currency Exchange Association, and the SEBC exchange currently supports 11 cryptocurrency trading pairs.
Cryptocurrency Exchange Regulations in Japan
Japan has a high regulatory standard for cryptocurrency exchanges that require the separation of customer and exchange assets. Regulations also require most of an exchange’s assets to be held in cold wallets and customers’ fiat money to be held by a Japanese trust company or bank trust.
In 2021, Japan’s financial authorities issued a warning that Binance was operating without permission in the country and directed it to seek out a local cryptocurrency exchange. With the complete rebranding of SEBC, Binance will gain full regulatory status in Japan.
