Binance announces transition to new platform in Japan

After completing the acquisition of Sakura Exchange BitCoin (SEBC), a Japanese crypto exchange that we announced in our post on April 28, 2023, the Binance giant is now preparing for the official launch of its Japanese subsidiary, Binance Japan, scheduled for June 2023.

Sakura Exchange BitCoin platform transforms into Binance Japan

In a statement published on its official website, Sakura Exchange BitCoin, a crypto trading platform regulated by Japan’s Financial Services Agency (FSA), recently indicated that cessation of activities at the end of May. However, this closure does not mark the end of the exchange, but rather an impending rebirth under a new name: Binance Japan. Scheduled for June 2023Binance Japan will emerge as a reputable subsidiary of crypto giant Binance, giving Japanese users a new opportunity to enjoy leading cryptocurrency trading and exchange services.

According to information from Binance, all remaining funds on the SEBC trading platform will be converted into Japanese yen and automatically transferred to users’ bank accounts from June. This measure aims to ensure a smooth transition so that users can have secure access to their funds without interruption during this transition period.

Binance Japan: Strategic rebirth in the face of strict regulation and ahead of competitors

In light of the increasingly stringent regulation in today’s landscape, Binance’s strategy to expand its global presence has been to acquire local regulated entities. This approach was previously taken by Binance in Singapore in 2021, Malaysia in 2022 and more recently in Thailand. In Japan though Binance had to cease operations in 2018 after failing to obtain an independent license from local regulatory authorities. This new rebirth initiative as Binance Japan shows the company’s desire to re-establish its presence in the Japanese market and meet current legal requirements.

In addition, Binance has informed that Japanese residents using the global platform will no longer be able to increase or to open new options after June 9. Pending orders will be canceled and users will be asked to close their existing positions by June 23. In addition, it was clarified that Binance Leveraged Tokens will no longer be tradable or subscribed to by Japanese residents.

With the launch of Binance Japan, the crypto trading giant is taking a significant advance over its competitors such as Coinbase and Kraken. The latter were forced to cease their activities in Japan in order to achieve significant savings. The move comes amid a bear market for cryptocurrencies, despite the recent rise in the Bitcoin (BTC) price in recent months.

Source: cointelegraph

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