Binance Reenters Japan with Regulated Crypto Exchange SEBC

30. April 2023 By admin Off

• Binance is set to reenter the Japanese crypto market by acquiring regulated crypto exchange platform Sakura Exchange Bitcoin (SEBC).
• SEBC users must withdraw their funds before May 28 and new identity verification and KYC checks will be required for Binance Japan.
• Binance has managed to mend its relations with regulators in many countries by acquiring stakes in regulated entities.

Binance Reenters Japanese Crypto Market

Binance, the leading crypto exchange, is set to reenter the Japanese crypto market after acquiring a regulated crypto exchange platform Sakura Exchange Bitcoin (SEBC) in November 2022. The SEBC notice stated that the exchange could start after June 2023.

Users Must Withdraw Funds Before May 28

Users of the SEBC exchange must withdraw their funds before the deadline of May 28 and any funds remaining in these accounts will be automatically converted to Japanese yen by June 5 and transferred to users’ bank accounts. Furthermore, new identity verification and Know Your Customer checks will also be required for Binance Japan users.

Mending Relations With Regulators

The leading crypto exchange has faced regulatory compliance issues in over a dozen nations but it has managed to mend its relations with regulators. In many countries where it was unable to obtain an independent license, Binance reentered these markets by acquiring stakes in regulated entities, such as in Malaysia and Singapore. Additionally, it partnered with Paysafe to access the United Kingdom’s sterling payment network despite initial resistance from regulators.

Japan’s Regulated Crypto Environment

Japan was one of the first nations to introduce regulations for cryptocurrency trading and while these requirements were strict at first, they have since been eased considerably – making it more attractive for foreign investors who want access to a secure environment for trading digital assets.

Conclusion

Binance’s acquisition of SEBC is poised to bring greater competition into Japan’s growing cryptocurrency market and give investors more options when it comes to choosing platforms for exchanging digital assets securely within a regulated environment.