Binance to Launch Regulated Japanese Exchange
Reading Time: 2 minutesBinance is to launch a regulated Japanese exchange
The company was kicked out of Japan five years ago
Binance bought the regulated exchange Sakura Exchange Bitcoin in November 2022
Binance is to launch a regulated Japanese exchange this year, five years after regulators shuttered its services. The re-entry follows the acquisition of crypto exchange Sakura Exchange Bitcoin in November 2022, with Binance using Sakura’s standing as a fully regulated entity to achieve the required standards. Sakura will cease trading under its name on May 31 and will undergo rebranding as Binance Japan in the near future, with existing users required to register again following the implementation of new regulatory procedures.
Binance Enjoys Japanese Presence Again
Binance used to have a presence in Japan, but its shut down operations in 2018 following the introduction of new regulations. Since trying, and failing, to operate exchanges in its own name in tightly regulated countries, it has moved to the time-honored process of buying up already regulated entities and rebranding them. Binance made similar moves in Singapore, Malaysia in 2022, and Thailand within the last two years alone.
A winding down process for existing Sakura customers will begin when Binance Japan goes live, with margin and futures markets gradually closing down by late November, at which point spot trading will also be ceased.
Coinbase and Kraken Out, Binance In
The move marks Binance’s first foray into Japan since it was forced to close in March 2018, when Japan’s Financial Services Agency ordered the company to suspend its services to Japanese residents after claiming the exchange was operating in violation of Japan’s rules on fund settlement because it did not have the appropriate registration to accept business from Japanese residents. It is not yet known which cryptocurrencies Binance will list, but it will certainly be a smaller list than is currently for sale on its global site.
Binance’s move into Japan comes at an interesting time, given that Coinbase and Kraken recently left the country following the onset of the crypto winter.
The post Binance to Launch Regulated Japanese Exchange appeared first on FullyCrypto.
Filed under: Bitcoin - @ May 29, 2023 7:28 am