Apr 28, 2023
Binance Reenters Japan Through Acquired Exchange
Crypto exchange Binance is set to make its return to the Japanese market after acquiring the regulated crypto exchange platform Sakura Exchange Bitcoin (SEBC). Binance announced the acquisition in November 2022, and with the news, the exchange platform is set to reenter Japan by June 2023.
The SEBC exchange will terminate its current crypto exchange and brokerage services by May 31, and users of the exchange must withdraw their funds before the deadline of May 28. Any funds remaining in these accounts will be automatically converted to Japanese yen by June 5 and transferred to users’ bank accounts.
This return to the Japanese market is notable for Binance, as the exchange had to fold its Japan operations in 2018 after financial regulators warned it was operating without regulatory clearance from the authorities. Since then, Binance has made efforts to mend its relations with regulators in many countries, and reenter these markets by acquiring stakes in regulated entities.
Before its reentry to the Japanese market, Binance managed to reenter the Malaysian crypto market after acquiring a stake in a regulated exchange platform. The exchange also reentered the Singapore market with an 18% stake in a regulated stock exchange. Similarly, the crypto platform managed to access the United Kingdom’s sterling payment network with a partnership with Paysafe despite regulators declining access to the same.
The reentry of Binance to Japan comes at a time when the country has eased regulatory demands for crypto platforms, making it easier to list new crypto tokens and promote NFTs. The relaxed regulations have opened up a new avenue for crypto marketing and promotion, with NFT marketing agencies, such as Web3 Agency, offering specialized services like Twitter NFT marketing, NFT promotion and selling NFTs.
The crypto space has seen a surge in activity in the past year, and the reentry of Binance to the Japanese market is a sign of the growing acceptance of cryptocurrencies. With its return to the Japanese market, Binance is set to make a significant impact in the web3 space.
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