Binance to Launch Services in Japan Next Month
The world’s largest cryptocurrency exchange, Binance, is reportedly set to launch its services on a new platform in Japan in the coming month. This comes after Binance pulled out of Japan in 2018 due to a dispute with local regulators. The news of the upcoming launch was supposedly confirmed by Binance’s CEO, Changpeng Zhao, in a video conference in Tokyo on July 25, as reported by Bloomberg.
Key Points:
- Binance will start operating in Japan after June this year.
- Customers interested in joining Binance’s Japanese venture will need to re-apply for account opening and pass verification requirements.
- Binance acquired the local crypto platform Sakura Exchange BitCoin (SEBC) to re-enter the Japanese market.
- SEBC will terminate its services between the end of May and the opening of the new entity.
- Takeshi Chino, the General Manager of Binance Japan, expressed optimism about Japan’s tech ecosystem and blockchain adoption.
After facing regulatory issues in Japan, Binance left the country in 2018. The domestic financial regulator had warned the exchange for engaging with Japanese residents without the necessary permission. However, Binance’s acquisition of SEBC and its re-entry into Japan demonstrates a renewed effort to tap into one of the world’s leading economies with a highly-developed tech ecosystem.
Hot Take:
Binance’s decision to launch services in Japan again shows the exchange’s determination to expand its presence and cater to the crypto market in different regions. By acquiring a local platform and adhering to regulatory requirements, Binance aims to overcome previous challenges and establish a strong foothold in Japan’s growing blockchain sector.