Binance, the world's leading cryptocurrency exchange, will launch operations in Japan after June this year under the name Binance Japan.
In November 2022, Binance acquired a 100% stake in Sakura Exchange BitCoin (SEBC). Based in Tokyo, SEBC specialises in providing brokerage and consulting services, which serves 11 trading pairs: BTC/JPY, ETH/JPY, BCH/JPY, XRP/JPY, LTC/JPY, ETC/JPY, XEM/JPY, MONA/JPY, ADA/JPY, XYM/JPY и COT/JPY.
All activity on Sakura Exchange BitCoin will cease on May 31 and the new Binance Japan platform will begin operations after June 2023. Customers must reapply for account opening and identity authentication, as account data from SEBC is not transferred to Binance Japan.
Japanese legislation regarding cryptocurrency exchanges is particularly strict. The Financial Services Agency requires separation of customer and exchange funds, as well as confirmation of token listing by the Japan Virtual Currency Exchange Association (JVCEA).
In November, Binance said it would comply with all requirements set by the Japanese authorities.
Binance was already operating in Japan. Back in 2018, the Japanese Financial Services Agency (FSA) reprimanded Binance for operating without authorisation. Another reprimand followed in 2021 for failing to comply with registration rules. As the authorities are unwilling to grant licences to foreign companies, Binance had to temporarily withdraw from the market.
The company has grown by an impressive 650% in the last 2 years. In the future, they intend to expand their business to other countries.