Binance is making its first steps in Japan with the acquisition of a Japanese-registered crypto exchange.
Binance, the largest crypto exchange in terms of daily trading volumes, has acquired Japanese-registered crypto exchange Sakura Exchange BitCoin (SEBC).
According to the blog post shared on November 30th, Binance has purchased 100% of SEBC stocks, allowing it to enter the Japanese crypto market as “a Japan Financial Services Agency (JFSA) regulated entity.”
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In its blog post, Binance highlighted that by offering its services through SEBC, the company aims to “support a responsible global environment for cryptocurrencies.” On top of that, Binance stated that it is its first license in East Asia.
When talking about the acquisition, Binance Japan's general manager, Takeshi Chino, stated that Binance is determined to help Japan to become a worldwide crypto leader.
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.
Based on the announcement, crypto exchange SEBC offers consultation and brokerage services. Nevertheless, it supports eleven trading pairs, such as BTC/JPY, ETH/JPY, XRP/JPY, ADA/JPY, and so on.
Sakura Exchange BitCoin CEO, Hitomi Yamamoto, commented on the acquisition, stating:
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.
Overall, Binance has regulatory approvals or authorizations to operate in France, Dubai, Italy, Abu Dhabi, Spain, Bahrain, New Zealand, Kazakhstan, Poland, Lithuania, and Cyprus.
