Binance returns to the Japanese cryptocurrency market after acquiring SEBC
In an intriguing turn of events, the well-known cryptocurrency platform Binance has finally been able to re-enter the Japanese market by acquiring the regulated cryptocurrency platform Sakura Exchange Bitcoin (SEBC), allowing it to re-enter the lucrative Japanese cryptocurrency market.
This acquisition, which was made in November 2022, came after Binance failed in its attempt to obtain an independent license almost five years ago, leading to its exit from the Japanese market.
SEBC ceases operations until June 2023
According to a recent report published in a local newspaper, SEBC announced that it will cease its current cryptocurrency exchange and brokerage services by May 31 and reopen as Binance Japan after June 2023, but surprisingly, SEBC’s announcement did not include any official launch date.
This development has led to the fact that users of the SEBC exchange have been ordered to withdraw their funds by the upcoming May 28th deadline. Any funds remaining in these accounts will be automatically converted to Japanese yen by June 5 and transferred to users’ bank accounts, which has caused surprise among many traders.
Preparations for the reopening of Binance Japan and new verification of users’ personal data
In preparation for the re-opening of Binance Japan, users will be required to undergo new identity verification and Know Your Customer verification. Despite the fact that Binance has faced regulatory compliance issues in more than a dozen countries, it has managed to establish relationships with regulators, and in many countries where it has tried to obtain an independent license, the exchange platform has managed to re-enter these markets by acquiring stakes in regulated organizations.
Binance’s successful returns to other markets and cooperation with partners to access payment networks
Before entering the Japanese market, Binance successfully returned to the Malaysian crypto market after acquiring a stake in a regulated exchange platform.
Similarly, the exchange returned to the Singapore market by acquiring an 18% stake in a regulated stock exchange and was able to access the UK’s sterling payment network through a partnership with Paysafe despite being denied access by regulators.
Japan was one of the first countries to adopt cryptocurrency regulations and was an important market for Binance
It is worth noting that Japan was one of the first countries to introduce cryptocurrency regulation. Although the regulatory requirements were once considered strict, the country has now relaxed its regulatory requirements for crypto platforms, making it easier to list new crypto tokens.
With this move, Binance is poised to take advantage of the softened regulatory landscape of the Japanese crypto market, and it remains to be seen what the future holds for this exchange platform in the region.