Binance, the world’s largest cryptocurrency exchange, has made yet another headline. Binance announced today via its official website that it had successfully and officially expanded its services to Japan. Binance marked its presence in the Asian country by acquiring a regulated local crypto exchange called Sakura Exchange BitCoin (SEBC).
SEBC, formerly known as Xtheta, is headquartered in Tokyo and is fully registered with the country’s financial services unit. The cryptocurrency exchange was founded in 2017 by Kakao Japan and has been operational since then. The exchange supports 11 cryptocurrency trading pairs, including bitcoin (BTC/JPY), Ethereum, Bitcoin Cash, Litecoin, and MonaCoin.
According to the announcement, Binance will conduct business strictly in accordance with the dictates and provisions of the country’s financial regulatory body and will strive to provide the best of its services to the people of Japan.
Binance’s acquisition of SEBC marks the company’s first official licence to operate in the East Asian region. It is worth noting that Binance did not disclose the terms and conditions of the acquisition to the media at the time of publication.
Previously, Japan imposed extremely stringent regulations on the cryptocurrency industry. These laws were unfavourable to businesses and major industry players, making them less willing to expand into the country.
However, the efforts of the country’s prime minister, Fumio Kishida, who expressed his dissatisfaction with the strict regulations that governed the nation’s cryptocurrency industry, resulted in renewed discussions between the relevant authorities on improved new policies. The Prime Minister’s efforts have yielded positive results, as the country has gradually relaxed its strict crypto laws.
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