According to the most recent blog post published by Binance, the company has acquired Sakura Exchange BitCoin (SEBC), a Japanese cryptocurrency exchange that is supervised by the country’s Financial Services Agency (FSA), for an amount that has not been revealed.
The particulars of the business deal were not made public. Binance seeks to promote a responsible and orderly development of the cryptocurrency industry on a global scale by facilitating the provision of regulated services in Japan via SEBC.
Takeshi Chino, general manager of Binance Japan, said:
“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.”
In 2021, Binance was confronted with a plethora of regulatory difficulties all over the globe, which will make the path to the company’s development somewhat more arduous until at least 2022.
In April of this year, Binance hired Steven McWhirter and Seth Levy, both of whom had previously worked as regulators for the Financial Industry Regulatory Authority (FINRA) and the Financial Conduct Authority (FCA), respectively, to assist the cryptocurrency exchange in meeting its regulatory obligations. This move was made to strengthen compliance.
Binance was awarded a license to operate as a crypto asset service provider in Cyprus not too long ago. The company has previously been successful in obtaining similar licenses in France, Italy, Spain, Bahrain, Abu Dhabi, Dubai, and Kazakhstan.
Hitomi Yamamoto, CEO of SEBC, said:
“We are honored and delighted to make this announcement with Binance, one of the world’s leading crypto asset exchange service providers. On top of our effort to prioritize user protection, Binance’s strong compliance system will contribute to building a more compliant atmosphere for users in Japan and help them access key crypto services needed for mass adoption in the future.”
