Binance expands operations to Japan after regulatory troubles in US intensify
- Japan’s prime minister recently acknowledged the country’s position as a web3 hub and the potential for transformation through technology.
- Binance CEO Changpeng Zhao shared plans to expand crypto services in Japan starting August as regulators intensify crackdown in the US.
- Binance acquired SEBC in November 2022 a crypto exchange in compliance with the Japan Financial Services Agency.
Binance, one of the largest cryptocurrency exchanges in the world, recently acquired a full stake in a regulated Japanese crypto platform with plans to expand to Asia’s upcoming crypto hub. Binance CEO, Changpeng Zhao (CZ), confirmed the exchange’s expansion plans.
Also read: BNB price declines as Binance suffers regulatory crackdown in Australia
Binance CEO CZ confirms Japan expansion plans
Fumio Kishida, Japan’s Prime Minister, recently acknowledged the transformative potential of web3 applications in a conference. With Japan emerging as a hub for regulated cryptocurrency exchanges and firms, Binance’s plans to expand into the Asian country are taking shape.
CEO CZ recently confirmed the exchange’s foray into Japan.
なんと！Binanceのセッションでczからのサプライズビデオメッセージ
— kinjo - @illshin.eth (@illshin) July 25, 2023
Thanks great message @cz_binance #WebX pic.twitter.com/P6lrcTCLAS
Binance recently completed its acquisition of a crypto firm that is compliant with Japan’s crypto laws and regulated by the Japan Financial Services Agency (JFSA). Binance’s full stake acquisition of Sakura Exchange BitCoin (SEBC) in November 2022 is instrumental in the exchange’s rollout of crypto services to Japanese users.
Back in 2018 when the exchange attempted to establish a foothold in Japan, it was shown the doors due to compliance challenges. Since then, the acquisition of SEBC is Binance’s first successful step in expanding its services to Japan.
The exchange will initially offer trading for 30+ crypto assets and allow migration for users from August 1, 2023. All users are mandated to complete the requisite KYC requirements before they begin trading on the exchange.
Like this article? Help us with some feedback by answering this survey:
Author
Ekta Mourya
FXStreet
Ekta Mourya has extensive experience in fundamental and on-chain analysis, particularly focused on impact of macroeconomics and central bank policies on cryptocurrencies.
