The financial services regulator in Japan was one of several that issued warnings late last year. Stating that Binance did not have the proper licensing to operate in their market.
According to a blog post published on Wednesday, Binance has purchased Sakura Exchange BitCoin (SEBC), a cryptocurrency exchange in Japan. The country’s Financial Services Agency (FSA) supervises them for an amount that has not yet disclose. As an entity licensed by the Japan Financial Services Agency (JFSA), Binance has entered the Japanese market.
With the transaction’s completion, the world’s largest cryptocurrency exchange in terms of trading volume will join the Japanese market. It will add Japan to the growing list of nations where the exchange possesses some regulatory permission.
Binance, a cryptocurrency exchange platform, receives a license to operate. They provide 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. Several regulatory authorities, including the FSA, warned the public in 2017 that cryptocurrency exchange Binance did not have the proper authorization to conduct business in their respective market.
“The Japanese market will play a major role in the future of cryptocurrency adoption,” said Takeshi Chino. He is the general manager of Binance Japan. Because it is one of the leading economies in the world. It has a highly developed tech environment and is well-positioned for the widespread adoption of blockchain technology. We shall collaborate with the regulatory bodies to develop our combined exchange in a way that complies with the needs of the local users. We are enthusiastic about assisting Japan in taking the lead role in the crypto industry.
In addition to providing its customers with brokerage services, registering the SEBC is a cryptocurrency exchange with the JFSA to provide consultancy services. At the moment, the cryptocurrency exchange in Tokyo offers trading in 11 different pairings, including BTC/JPY, ETH/JPY, BCH/JPY, XRP/JPY, LTC/JPY, ETC/JPY, XEM/JPY, MONA/JPY, ADA/JPY, XYM/JPY, and COT/JPY.
The Chief Executive Officer of the SEBC, Hitomi Yamamoto, had this to say about the release. “We are thrilled and delighted to make this announcement alongside Binance, one of the world’s leading crypto asset exchange service providers.” Binance’s robust compliance system will contribute to developing a more compliant climate for users in Japan and allow them to access essential crypto services needed for mass adoption in the future. It is in addition to our efforts to emphasize user protection.