The world’s largest cryptocurrency exchange – Binance – aims to begin operating on the Japanese market after June this year.
This will mark the company’s return to the Land of the Rising Sun after leaving in 2018 due to regulatory issues.
- Sakura Exchange BitCoin (SEBC) announced that Binance Japan will start providing services and products to local customers after June 2023.
- The crypto giant acquired SEBC in November last year for an undisclosed sum to strengthen its presence in the region.
- Sakura – an exchange directly regulated by the country’s Financial Services Agency (FSA) – will cease all existing services after May 31 until the opening of Binance Japan.
- It advised users to withdraw their holdings ahead of the deadline. Those who do not do so will have their assets converted to Japanese yen based on the rate as of June 5.
- Customers willing to join Binance Japan will have to re-apply for account opening and pass the necessary verification requirements.
- The CZ-spearheaded firm pulled out of the Asian nation in 2018 after the domestic watchdogs warned it had been operating without permission.
- Some rumors hinted that Binance was subject to criminal charges by the FSA. Nonetheless, CEO Changpeng Zhao dismissed the speculation, maintaining his organization was in “constructive dialogues” with the relevant agencies.