Binance Nears Its Expansion into Japan
An important announcement has been made by the world’s leading crypto trading and custodial platform called ‘Binance’ on 30th November 2022.
In the announcement, Binance revealed that it has taken another step in expanding its operations into Japan.
The firm indicated that it has successfully been able to acquire a Japanese crypto trading platform called “Sakura Exchange Bitcoin (SEBC)”.
SEBC of Japan, which already holds a valid operating license, is now a 100% owned and controlled subsidy of Binance.
SECB was granted a license to operate as a crypto trading and custodial platform by the Financial Services Agency of Japan (FSA). FSA is the top regulator of securities in the financial network of Japan.
Binance Steps into Japanese Markets
In the announcement, Binance explained that Binance will offer its services in Japan as one of the regulated entities under the FSA. It further said that there are huge potential lies for Binance in the Japanese markets.
The announcement further suggested that Binance will carry forward SECB’s initiative which was to provide immaculate services under regulatory oversight.
The announcement adds that Binance would encourage responsible crypto trading and custodial environment also in Japan as it has developed elsewhere.
SECB Prior To Taking Over
Prior to the acquisition of SECB by Binance, SECB was offering crypto trading, custodial, and consultation services while headquartered in Tokyo.
At the time of acquisition, SECB was actively involved in crypto forex trading against the national currency of Japan i.e. JPY.
At the platform SECP, customers were able to trade cryptocurrencies such as Bitcoin, Ethereum, Bitcoin Cash, Ripple, Litecoin, etc. Other notable cryptocurrencies available with the platform were COT, ETC, ADA, XEM, and XYM.
Huge Potential in Japan
In the words of Binance’s GM for Binance Japan, Takeshi Chino, the huge potential lies in the Japanese crypto market.
Chino said that in the mass adoption of digital currencies across the globe, Japan has a very important role to play.
He stated further that Japan is blessed with all the modern technologies of the world which is due to the efforts of the Japanese people. According to him, promising blockchain uplift will be boosted by no other than Japan.
Chino also acknowledged that Japan’s economy is currently the world’s leading as well as the most powerful economy in the world.
He claimed that Binance Japan will be closely worth together with the country’s regulators for establishing a regularized crypto trading environment.
Chino insisted that Binance will make sure that local customers can benefit from a fully centralized platform for approaching decentralized assets.
He also suggested that Japan’s lead into the global crypto arena shall be accompanied by Binance.
This is not the first time, Binance had stepped into the Japanese crypto markets. In fact, Binance established its presence there in 2018, however, the firm had to depart when it received a warning from FSA Japan.
FSA accused Binance of operating without the operating license while Binance claimed that FSA had no jurisdiction over it.
Thereafter, another warning was sent to Binance by FSA claiming that Binance cannot offer services without registration in the region.
In an effort to avoid complications with FSA, Binance closed its services in Japan.
Now that the license has been obtained, Binance will be able to expand its services to customers in Japan.
Meanwhile, further licenses have been obtained by Binance which include licenses to operate in France, UAE, Poland, Italy, Cyprus, Spain, etc.
The exchange is determined to gain worldwide recognition and it is increasing its dominance in the world of cryptocurrency exchanges.
There are other exchanges such as Coinbase, Gemini, and more wanting to increase their influence throughout the world. However, they are no match for Binance because of how it is expanding its business.
The exchange has successfully kept itself out of many troubles and more importantly, out of the regulatory radar because it has mainly stayed adherent.