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INTRODUCTION

After a hiatus of nearly five years, Binance, one of the world’s leading cryptocurrency exchanges, is poised to make its triumphant return to the Japanese market. Since 2018, Binance has been absent from Japan due to its inability to secure an independent license from local regulators. 

However, with a recent strategic acquisition and the establishment of a fully regulated subsidiary, Binance Japan, the exchange is now set to resume operations while adhering to local regulations.

THE ACQUISITION AND SUBSIDIARY ESTABLISHMENT

Binance’s resurgence in Japan can be attributed to its acquisition of Sakura Exchange Bitcoin (SEBC), a regulated cryptocurrency exchange. The deal, finalized in November 2022, paved the way for Binance’s reentry into the Japanese market. 

As part of the agreement, SEBC will cease its current services by May 31, and in the coming weeks, it will relaunch under the brand name Binance Japan.

TRANSITION FOR USERS

Existing users of Binance’s global platform residing in Japan will need to register with the newly established Binance Japan subsidiary. 

To facilitate the smooth transition, Binance has ensured that funds held on the SEBC exchange will be automatically converted to Japanese yen and transferred to users’ bank accounts starting in June. This customer-centric approach seeks to minimize user inconvenience during the transition phase.

COMPLIANCE AND FUTURE PROSPECTS

Binance has reiterated its commitment to complying with local regulations and building a fully compliant ecosystem in Japan. By establishing a regulated subsidiary, the exchange aims to work closely with regulators to expand its service offerings while adhering to all legal requirements. 

Binance Japan’s future plans include potential forays into derivatives services, subject to regulatory approval. This proactive approach demonstrates Binance’s determination to play a vital role in shaping Japan’s crypto landscape within a secure and regulated framework.

THE IMPLICATIONS FOR CRYPTO AVAILABILITY IN JAPAN

Binance’s return to Japan signifies a significant step forward for the country’s crypto industry. With its extensive user base and robust infrastructure, Binance has the potential to enhance crypto availability for Japanese individuals and businesses alike. 

The regulated subsidiary model ensures compliance with local regulations and fosters a sense of trust and security among users. Binance’s commitment to expanding its service offerings will provide Japanese users with a broader range of crypto-related options, encouraging innovation and adoption within the country.

CONCLUSION

Binance’s acquisition of Sakura Exchange Bitcoin and the subsequent establishment of Binance Japan marks an exciting chapter in the resurgence of the exchange in Japan. 

By adhering to local regulations and offering a fully compliant platform, Binance is poised to redefine crypto availability in Japan. With its customer-centric approach, commitment to regulatory compliance, and plans for further expansion, Binance Japan is well-positioned to be a key player in Japan’s thriving crypto market, bringing exciting opportunities and benefits to both users and the overall cryptocurrency ecosystem in the country.

 

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