• 23 July, 2024
News

Sakura Exchange BitCoin (SEBC) Unveils Plans for Binance JAPAN

Sakura Exchange BitCoin (SEBC), Binance’s Japanese cryptocurrency exchange, has plans to introduce a new service called Binance JAPAN, tentatively set to launch on June 23, according to a report by local media outlet Coinpost.

This move came after Binance acquired a 100% stake in SEBC in November of the previous year, marking the company’s official entry into the Japanese market. Consequently, the crypto exchange is currently under the supervision of the Japan Financial Services Agency (JFSA).

The report said that while the specific launch date and additional details have yet to be announced, SEBC has confirmed that personal information from existing SEBC accounts will not be transferred to the new service. Therefore, users will need to complete a new Know Your Customer (KYC) process to verify their identity.

Binance, the world’s largest cryptocurrency exchange, underwent a significant transition in November 2010 when SEBC announced the transfer of all shares to Binance (AP) Holdings Limited, a company affiliated with Binance CEO Changpeng Zhao. This shift led to a new management structure and resulted in Binance no longer accepting new accounts from Japanese residents.

To offer services as a crypto asset (virtual currency) exchange, it is crucial to receive approval and business registration from the Financial Services Agency. With the upcoming launch of Binance JAPAN, industry observers will be closely monitoring whether Japanese users can continue using the global version of Binance. Additionally, there is keen interest in the possibility of domestically unlisted Binance major issues, such as BNB, being whitelisted in the future.

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