Binance Expands to Japan
Binance has confirmed via Twitter that it will expand its services in Japan starting in August. Last year, Binance acquired Sakura Exchange Bitcoin (SEBC), a Japanese-registered crypto exchange service provider.
This acquisition allowed Binance to establish itself as a regulated entity under the Japan Financial Services Agency (JFSA). SEBC is registered with JFSA and offers brokerage and consultation services.
In May, Binance announced plans to facilitate the transition of Japanese users to a new local platform. Users will be able to migrate from August 1, 2023, after completing KYC requirements.
Binance stated that the platform will initially support trading for more than 30 tokens.
Japan Boosts Web3 Promotion
In a recent Web3 conference, The Japanese Prime Minister highlighted Japan’s commitment to enhancing the web3 sector and expressed hope that discussions among key industry players would foster business collaborations between Japan and other countries.
During the conference, he expressed a strong desire for major Japanese companies to announce large-scale projects aimed at developing a valuable economic zone within the Metaverse space.
In recent months, Japan has implemented stricter anti-money laundering (AML) regulations. The country has also addressed issues in the crypto space following discussions with G7 governments, tightening rules in response to increasing criminal activities.
Furthermore, businesses are expanding their operations in Japan. SoftBank, a Japanese investment firm, has formed a joint venture with Symbotic to make advancements in the AI sector. Additionally, Chinese tech giant Alibaba has unveiled plans for establishing a blockchain laboratory in Japan.