Binance's Sakura Exchange BitCoin Acquisition Enables Japan Return

 Binance's Sakura Exchange BitCoin Acquisition Enables Japan Return

Binance's Sakura Exchange BitCoin Acquisition Enables Japan Return(Image-Getty)

Binance, the world's largest cryptocurrency exchange, is set to make its official return to Japan after completing the acquisition of Sakura Exchange BitCoin (SEBC) in November 2022. Starting from August of this year, Binance will offer comprehensive services to Japanese users.

The acquisition of SEBC grants Binance the necessary regulatory clearance to reenter the Japanese market, as SEBC falls under the purview of the Financial Services Agency (FSA). The new platform is expected to support trading in up to 30 digital assets, as stated by the exchange.

A spokesperson for Binance expressed the company's belief in Japan's significant potential in the rapidly developing Web3 sector, which is deemed crucial for the continued growth of cryptocurrencies.

Changpeng Zhao, the CEO of Binance, lauded Japan's welcoming approach to the crypto industry, describing it as "innovation-friendly" and commending its leadership in the Web3 regulatory landscape. During the WebX conference, he also reminisced about his early career as a developer in Japan and highlighted the country's distinct regulations that have been in place for over five years.

The move aligns with Japanese Prime Minister Fumio Kishida's vision of promoting Web3 as an integral part of the evolving form of capitalism in the country.