Binance, a leading cryptocurrency exchange, is set to reenter the Japanese market through its acquisition of Sakura Exchange Bitcoin (SEBC), a Japanese crypto exchange platform.
SEBC will cease its crypto exchange and brokerage services by May 31, 2023. The exchange users are required to withdraw their funds by May 28. Any funds left in these accounts will be converted to Japanese Yen by June 5, 2023, and automatically transferred to users’ bank accounts.
According to reports, Sakura Exchange Bitcoin (SEBC) is expected to reopen as Binance Japan in June 2023. However, an official launch date was not been announced in the SEBC notice. New users of Binance Japan will undergo identity verification processes and Know Your Customer checks.
Binance’s previous attempt to enter the Japanese market without a regulatory license was thwarted by financial regulators, leading to the closure of its Japan operations in 2018. However, the company has since adopted a strategy of investing in regulated entities to reenter markets where it cannot acquire an independent license.
In November 2022, Binance announced that it had acquired a 100% stake in SEBC, a crypto exchange licensed by the Japan Financial Services Agency. Since then, the company began planning to reenter the Japanese market.
#Binance has acquired 100% of Sakura Exchange BitCoin (SEBC), the Japanese-registered crypto exchange service provider.https://t.co/GSPYxQvamg
— Binance (@binance) November 30, 2022
Binance has been expanding its presence in other regions as well. DeFi Planet reported in March 2023 that the company established a regional hub in Georgia to promote blockchain education, broaden its talent pool, and accelerate the adoption of cryptocurrencies in Eastern Europe and Western Asia.
At the time of the report, Binance Georgia had 25 personnel working with public and private sectors to organize hackathons and educational events. The company plans to substantially expand its operations and create several job openings in Georgia by the end of 2023.
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