The world’s leading cryptocurrency exchange Binance whose operations met with traction in Japan has finally gained entrance into the Asian country with the acquisition of local regulated digital asset service provider Sakura Exchange BitCoin (SEBC). Seeing that the local exchange is regulated and licensed by the Financial Services Agency (FSA), Binance will now operate as a Japan Financial Services Agency (JFSA) regulated entity.
The value of the acquisition was not disclosed but it was a 100% purchase. Before the transfer of ownership, SEBC offered its users both brokerage and consultation services. Some of the supported crypto trading pairs are BTC/JPY, ETH/JPY, BCH/JPY, XRP/JPY, LTC/JPY, ETC/JPY, XEM/JPY, MONA/JPY, ADA/JPY, XYM/JPY, and COT/JPY.
“The Japanese market will play a key role in the future of cryptocurrency adoption. As one of the world’s leading economies with a highly-developed tech ecosystem, it’s already poised for strong blockchain uptake. We will actively work with regulators to develop our combined exchange in a compliant way for local users. We are eager to help Japan take a leading role in crypto,” Takeshi Chino, general manager of Binance Japan said
Sakura Trust Binance Crypto Compliant History
However, the possession of SEBC is Binance’s first licensed entry into East Asia. Chief Executive Officer (CEO) of SEBC Hitomi Yamamoto acknowledged Binance’s history of compliance.
Yamamoto believes that this tradition will help provide its Japanese users with a regulated and compliant atmosphere which will eventually push them toward mainstream crypto adoption. This may also be a major advancement for Binance owing to the fact that Japan is regarded as one of the most advanced nations in terms of regulations and technology.
Japan is one of the nations which recognizes Bitcoin (BTC) and other virtual assets as legal asset classes under the Payment Services Act (PSA). Furthermore, all crypto exchanges in the region are expected to comply with Anti Money Laundering/Combating the Financing of Terrorism (AML/CFT) guidelines.