Binance set to reenter Japan through acquisition of regulated SEBC exchange

Introduction

Binance, one of the world’s leading cryptocurrency exchanges, is making a comeback in Japan after acquiring the regulated cryptocurrency exchange platform Sakura Exchange Bitcoin (SEBC) in November 2022. This move marks Binance’s second attempt to enter the Japanese market after its initial bid to obtain an independent license failed in 2018. In this article, we will discuss the latest developments regarding Binance’s reentry into the Japanese crypto market.

Binance Japan’s Launch Date

Although an official launch date has not been announced, SEBC’s notice stated that the exchange could start operating as Binance Japan after June 2023. As of now, there is no further information available regarding the launch date.

SEBC Termination of Services

According to a local daily report, SEBC will terminate its current crypto exchange and brokerage services by May 31, 2023, and reopen as Binance Japan thereafter. Users of SEBC must withdraw their funds before May 28, 2023. Any funds remaining in these accounts will be automatically converted to Japanese yen by June 5, 2023, and transferred to users’ bank accounts.

New Identity Verification and KYC Checks

Users of Binance Japan will have to undergo new identity verification and Know Your Customer (KYC) checks. These checks are necessary to comply with the Japanese Financial Services Agency’s regulations.

Binance’s Regulatory Compliance Issues

Binance has faced regulatory compliance issues in several countries, including Japan. However, the exchange platform has managed to improve its relations with regulators by reentering these markets through acquiring stakes in regulated entities. Before reentering the Japanese market, Binance managed to reenter the Malaysian crypto market and Singapore market with similar strategies.

Japan’s Crypto Regulations

Japan is one of the first nations to introduce cryptocurrency regulations. While the regulatory requirements were initially strict, the country has since eased these demands, making it easier for crypto platforms to list new tokens.

Conclusion

After facing regulatory hurdles, Binance is set to reenter the Japanese crypto market through the acquisition of SEBC. While no official launch date has been announced yet, users of SEBC have been given a deadline to withdraw their funds before the exchange is terminated. Binance’s reentry into Japan highlights the exchange’s continued efforts to improve its regulatory compliance and expand its global presence in the cryptocurrency market.