Binance, the largest cryptocurrency exchange in the world, has disclosed that it has acquired 100% of Sakura Exchange BitCoin (SEBC), the Japanese-registered crypto exchange service provider.
SEBC is a JFSA-registered crypto exchange that offers customers consultation services in addition to its brokerage service.
The Tokyo-based exchange currently supports 11 trading pairs: BTC/JPY, ETH/JPY, BCH/JPY, XRP/JPY, LTC/JPY, ETC/JPY, XEM/JPY, MONA/JPY, ADA/JPY, XYM/JPY, and COT/JPY.
Although the terms of the transaction were not disclosed, Binance enters the Japanese market as a Japan Financial Services Agency (JFSA) regulated entity.
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The crypto exchange is widely regarded as the world’s leading blockchain ecosystem and cryptocurrency infrastructure provider. It has secured regulatory approvals or authorizations in France, Italy, Spain, Bahrain, Abu Dhabi, Dubai, New Zealand, Kazakhstan, Poland, Lithuania and Cyprus.
By offering Japanese-regulated services through SEBC, Binance aims to support a responsible global environment for cryptocurrencies. The acquisition of SEBC marks the exchange’s first license in East Asia.
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.”
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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 prioritize user protection,
Binance in Japan
The Japanese government, through the FSA, a government agency and an integrated financial regulator responsible for overseeing the banking, securities and exchange, and insurance sectors to ensure the stability of the financial system of Japan, had previously warned the exchange about doing business in the East Asian nation.
The exchange received a warning in March 2018 and another in June 2021 that it was not registered to do business in Japan.
Following the acquisition of the SEBC, Hitomi Yamamoto agrees that crypto enthusiasts in the country have cause to celebrate because of the compliance system that the world’s leading exchange employs.
“Binance’s strong compliance system will build a more compliant atmosphere for users in Japan and help them access key crypto services needed for mass adoption in the future.”
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