Binance acquired Sakura Exchange BitCoin, Committed to Enter Japan Under Regulatory Compliance
Cryptocurrency exchange giant Binance has acquired a Japanese Cryptocurrency exchange Sakura Exchange Bitcoin aims to enter Japan under regulatory compliance.
According to the general manager of Binance, The Japanese market will play a key role in the future of cryptocurrency adoption.
Binance has acquired 100% of Sakura Exchange Bitcoin (SEBC) a Japanese crypto exchange service provider that is regulated by Japan's top financial regulation the Financial Service Agency.
The Tokyo-based crypto exchange SEBC offers brokerage and consultation services to its customers. the trading platform now supports 11 trading pairs including BTC/JPY, ETH/JPY, BCH/JPY, XRP/JPY, LTC/JPY, ETC/JPY, XEM/JPY, MONA/JPY, ADA/JPY, XYM/JPY, and COT/JPY.
According to Takeshi Chino, general manager of Binance Japan said:
The Japanese market will play a key role in the future of crypto adoption. as one of the world's leading economies with a highly developed tech ecosystem, it's already poised for strong blockchain uptake.
Binance received a warning from the Financial Services Agency to operate without a license in June last year. as well they got another warning that the exchange has provided crypto exchange service to Japanese customers without registration.
Binance has secured regulatory approvals or authorizations in France, Italy, Bahrain, Abu Dhabi, Dubai, New Zealand, Kazakhstan, Poland, Lithuania, and Cyprus.
According to Binance the acquisition of SEBC marks Binance's first license in East Asia.