Cryptocurrency exchange Binance plans to re-enter the Japanese market after acquiring a 100% stake in a licensed cryptocurrency service provider in Japan. Cointelegraph Japan report.
In an official announcement on November 30, Binance CEO Changpeng Zhao said that the cryptocurrency exchange Involved Re-enter the Japanese market under regulatory compliance. The acquisition of Sakura Exchange BitCoin (SEBC), a Japanese FSA-approved business, marks the re-entry of a global exchange into the Japanese market after four years.
#binance Acquires FSA-registered Sakura Exchange Bitcoin, commits to enter Japan under regulatory compliancehttps://t.co/xfdnaY2hiO
— CZ Binance (@cz_binance) November 30, 2022
Regarding the significance of the latest acquisition, a Binance spokesperson told Cointelegraph:
“The acquisition of SEBC can be said to be Binance’s first license in East Asia.As Asia is a potential market, we hope to expand in other regions.”
Binance had to close its business in 2018 after the FSA’s notice to operate without a license, and planned to open its headquarters in Japan. I warned the virtual currency exchange.
It is nothing new for Binance to acquire regulated entities to enter the crypto market, which has proven difficult to independently license. Previously, Binance was able to re-enter the Malaysian market after acquiring shares in a regulated entity.
Similarly, the exchange has re-entered the Singapore market with an 18% stake on the regulated stock exchange. The cryptocurrency exchange has also been able to access the UK’s Sterling payment network through a partnership with Paysafe after regulators denied access to the network.
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Cointelegraph asked Binance if the exchange had applied for an independent license in Japan as well, but a spokesperson declined to comment.
Japan is considered one of the first crypto nations to introduce some form of regulation on the trading of crypto assets. Although strict, Japan’s approach to cryptocurrency regulation has been widely praised, with G20 countries even consulting countries on global crypto parameters.
Recently, Japan further relaxed its regulatory policies to encourage more crypto startups, allowing them to thrive and making it easier for their coins to be listed.
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