• Binance is set to enter the Japanese crypto market in June 2023 after it acquired Sakura Exchange Bitcoin (SEBC), a regulated exchange platform licensed by the Japan Financial Services Agency.
• SEBC Crypto Exchange Users Must Withdraw Funds Before Deadline and must undergo new identity verification and Know Your Customer checks for using Binance Japan.
• Binance says it is committed to complying with local regulations in Japan and providing improved services to its users.
Binance Acquires Sakura Exchange Bitcoin
Binance has announced plans to commence operations in the Japanese crypto market in June 2023, after acquiring Sakura Exchange Bitcoin (SEBC). SEBC is a regulated crypto exchange platform licensed by the Japan Financial Services Agency that was established in November 2022.
Deadline For SEBC Crypto Exchange Users
SEBC exchange users have been given May 28 as a deadline to withdraw their funds before the service ends on May 31. All remaining funds will be converted to Japanese yen at the prevailing conversion rate as of June and refunded to the user’s registered bank account.
Verification Process For Binance Japan
In order for customers to use Binance Japan, they need to go through a separate application process, even if they already have an account with Sakura Exchange Bitcoin. This means that customers need to submit all necessary information for account opening and undergo reviews and identity verification again.
Compliance With Local Regulations
Binance has stated its commitment towards complying with local regulations in Japan while providing improved services to its users. This could help Japan take a leading role in the world of cryptocurrencies and contribute towards creating a responsible global environment for digital assets.
Return To The Japanese Market After 5 Years
This marks Binance’s return to the Japanese market after five years since it exited following regulatory changes by JFSA back then.