Although the crypto market keeps going down, Binance still maintains its growth and continuously expands its operations to many other countries. Binance, on Wednesday, officially announced the acquisition of Sakura Exchange BitCoin (SEBC). The purchase gives Binance its first license in East Asia, according to the statement.
SEBC is a crypto exchange regulated under the Japan Financial Services Agency (JFSA), which provides client consulting and brokerage services. The Tokyo-based exchange supports 11 trading pairs with cryptocurrencies against the Japanese yen including BTC/JPY, ETH/JPY, BCH/JPY, XRP/JPY, LTC/JPY, ETC/JPY, SEE/JPY, MONA/JPY, ADA/JPY, XYM/JPY and COT/JPY.
With this acquisition, Binance can legally operate in the Japanese market after having struggled with many legal difficulties in the past. Binance plans to build a unique exchange branch for the Japanese market, just like Binance US does for the US market. Takeshi Chino, the General Manager of Binance Japan, said:
“The Japanese market would play a key role in the future of cryptocurrency adoption. 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.”
Binance has now suspended the opening of new accounts for Japanese citizens to limit Japanese users’ exposure to the global Binance platform, in preparation for the launch of its own trading platform. Besides Japan, Binance is currently licensed to operate legally in France, Italy, Spain, Abu Dhabi, Dubai, Bahrain, New Zealand, Kazakhstan, Poland, Lithuania, and Cyprus.
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