Binance, the world’s leading cryptocurrency exchange, announced earlier today that it had acquired 100% of Sakura Exchange BitCoin (SEBC), the Japanese-registered crypto exchange service provider.
According to its blog post, the acquisition allows Binance to enter the Japanese market as a Japan Financial Services Agency (JFSA) regulated entity.
While commenting on this latest development, Takeshi Chino, general manager of Binance Japan, said:
“The Japanese market will play a key role in the future of cryptocurrency adoption. As one of the world’s leading economies with a highly-developed tech ecosystem, it’s already poised for strong blockchain uptake. We will actively work with regulators to develop our combined exchange in a compliant way for local users. We are eager to help Japan take a leading role in crypto.”
Hitomi Yamamoto, CEO of SEBC, added that:
“We are honored and delighted to make this announcement with Binance, one of the world’s leading crypto asset exchange service providers. On top of our effort to prioritize user protection, Binance’s strong compliance system will contribute to building a more compliant atmosphere for users in Japan and help them access key crypto services needed for mass adoption in the future.”
Binance didn’t disclose the terms of the acquisition. However, by providing Japanese-regulated services through SEBC, Binance said it intends to support a responsible global environment for cryptocurrencies.
This latest development follows a series of regulatory approvals received by Binance. Over the last few months, the exchange has secured regulatory approvals or authorizations in France, Italy, Spain, Bahrain, Abu Dhabi, Dubai, New Zealand, Kazakhstan, Poland, Lithuania and Cyprus. The acquisition of SEBC marks Binance’s first license in East Asia.
Binance explained that SEBC is a JFSA-registered crypto exchange that offers its customers' consultation services in addition to its brokerage service. The Tokyo-based exchange currently supports 11 trading pairs: BTC/JPY, ETH/JPY, BCH/JPY, XRP/JPY, LTC/JPY, ETC/JPY, XEM/JPY, MONA/JPY, ADA/JPY, XYM/JPY, and COT/JPY.
This will be the first time Binance is re-entering the Japanese cryptocurrency space after exiting in 2018. However, Binance will be operating as a regulated crypto exchange in the Asian country this time around.
Binance has been expanding its presence in the cryptocurrency space in recent months. More positive Binance reviews ensure that the cryptocurrency exchange further cements its place as the world’s leading digital asset trading platform.