The move allows Binance to enter the local market with a license
Binance has announced about acquiring a Japanese cryptocurrency exchange, Sakura Exchange BitCoin, and consequently securing a registration with the local financial regulator – Japan Financial Services Agency (JFSA).
Sakura Exchange BitCoin is a Japanese platform providing its clients consulting and brokerage services. At the moment the Tokyo-based exchange supports 11 trading pairs.
The platform will be actively working with local regulatory agencies to grow within the scope of legal requirements and help the country to take on a leading role in the crypto industry, according to Takeshi Chino, general manager of Binance Japan.
At the same time the exchange stated it is winding up new user registration in Japan on Binance.com starting November 30. The new rules will not affect existing customers, who will continue to use products and services, offered by the platform.
Earlier, Binance has secured regulatory approvals or authorizations in France, Italy, Spain, Bahrain, Abu Dhabi, Dubai, New Zealand, Kazakhstan, Poland, Lithuania and Cyprus. The acquisition of SEBC is Binance’s first licensed move into East Asia.
Binance also expressed interest in obtaining the assets of bankrupt credit platform Voyager Digital. The exchange will take part in an auction along with Canadian company Wave Financial and crypto trading platform CrossTower.