Binance Bags First License in East Asia Through Acquisition of Japan’s Sakura
by Fintech News Hong Kong December 1, 2022Cryptocurrency exchange Binance announced it has acquired 100% of Sakura Exchange BitCoin (SEBC), a Japanese crypto exchange service provider. Terms of the transaction was not disclosed.
Through this acquisition, Binance enters the Japanese market, as a Japan Financial Services Agency (JFSA) regulated entity. This is also Binance’s first license in East Asia.
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.
Just a year ago, Binance was issued a warning by JFSA for operating in the country without the necessary approvals.
Binance has turned things around by securing regulatory approvals or authorisations in France, Italy, Spain, Bahrain, Abu Dhabi, Dubai, New Zealand, Kazakhstan, and Cyprus.
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 said,
“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 prioritise 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.”
