Binance, the largest cryptocurrency exchange in the world, is all set to commence operations in Japan under the name Binance Japan from June 2023.
This development comes after Binance acquired Sakura Exchange BitCoin (SEBC) in November of last year.
At present, SEBC offers support for 11 trading pairs, namely BTC/JPY, ETH/JPY, BCH/JPY, XRP/JPY, LTC/JPY, ETC/JPY, XEM/JPY, MONA/JPY, ADA/JPY, XYM/JPY, and COT/JPY.
However, SEBC’s existing services will be terminated on May 31, and a new service – provisionally named Binance Japan – will be launched shortly after.
Customers must reapply for account opening and identity verification as account opening information for SEBC is not transferred to Binance Japan.
It is essential to note that Japan’s regulatory requirements for cryptocurrency exchanges are stringent.
The regulator mandates the separation of client and exchange assets. Furthermore, the listing of tokens on exchanges necessitates verification by the Japan Virtual Currency Exchange Association (JVCEA).
Binance’s representatives have declared their commitment to complying with all of Japan’s regulatory requirements.