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Binance’s Japan Expansion: CZ Verifies August Debut

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This year, Binance, the largest cryptocurrency exchange in the world, faced significant regulatory scrutiny in various countries, resulting in actions and lawsuits against the platform. However, Japan has shown a more welcoming approach to this exchange and is embracing its presence. Recently, it was officially confirmed that Binance Japan will launch in August.

Changpeng Zhao, the CEO and founder of Binance, made an appearance via video at a conference in Tokyo to announce that all services on the platform will become operational starting next month. Earlier in April, Sakura Exchange BitCoin (SEBC), a platform acquired by this exchange, revealed its plans to introduce a new service called Binance Japan, with the expected debut after June. Subsequently, it was disclosed that SEBC would cease its current services by May 31 and undergo a rebranding process to become Binance Japan.

Notably, the exchange has been absent from the Japanese market for approximately five years. However, during CZ’s recent appearance at the conference, he expressed his admiration for Japan, including its cuisine, people, and environment. He also commended the country for being a leader in the Web3 regulatory landscape.

Moreover, the cryptocurrency trade volume in the region witnessed a significant 60% surge last month compared to the beginning of 2023. With Binance’s upcoming entry into the Japanese market next month, it is expected that this move will further bolster the trading volume in the region, solidifying Japan’s position as a major player in the cryptocurrency industry.

A Sneak Peek into Binance Japan’s Offerings

SEBC users will be required to register with Binance Japan, and the migration process will become accessible from August 1, 2023. This procedure will involve a new identity verification system to comply with local regulations. Binance has previously announced that any remaining funds held on the SEBC exchange will be automatically converted into Japanese yen and then transferred to users’ bank accounts.

Moreover, Binance clarified that it will not be offering derivative services in Japan. Consequently, Japanese users will not have access to the derivative services available on the global platform. Residents in Japan who were using the global platform had until June 9 to either increase or initiate new options positions. After this date, such actions were no longer permitted, and the exchange emphasized that pending orders would be canceled. Users were strongly advised to close all existing positions before June 23. Additionally, Binance Leveraged Tokens will not be available for trading or subscription in Japan. Nonetheless, the exchange expressed its future intentions, stating:

“In the future, we plan to continue enriching our service offerings in Japan and will work closely with regulators to possibly provide derivatives services in a fully compliant manner.”

Binance Expands In Japan With New Service, While Blocking North Korean Access To Platform

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Binance, the renowned cryptocurrency exchange, has made significant strides in expanding its reach in the Japanese market. According to a latest report, Sakura Exchange BitCoin (SEBC), the Japanese crypto exchange acquired by Binance in November last year, has revealed plans to introduce a new service called Binance JAPANrt.

This move comes under the jurisdiction and scrutiny of the Japan Financial Services Agency (JFSA). Although precise details regarding the service’s launch date are yet to be disclosed, SEBC has confirmed that the new offering will require users to undergo KYC (know-your-customer) procedures, with no carryover of personal information from existing SEBC accounts.

The acquisition of SEBC by Binance, led by CEO Changpong Zhao, facilitated the establishment of a fresh management structure. However, the original Binance was unable to accept new account registrations from Japanese residents. 

Consequently, the successful launch of Binance JAPAN, as a fully approved and registered crypto asset exchange becomes paramount. Furthermore, users eagerly anticipate confirmation of the seamless continuity of global services post-launch and the possible inclusion of Binance’s primary stocks, such as BNB, on the whitelist of tradable assets.

Notably, SEBC’s current domestic exchange brokerage service is slated to conclude on May 31. Customers have been advised to sell their crypto assets and withdraw any Japanese yen from their accounts before the stipulated deadline.

Binance Successfully Blocks North Korean Access To Platform

Meanwhile, during a speech at CoinDesk’s Consensus 2023 event, Tigran Gambaryan, head of financial crime compliance at the exchange, revealed that the popular crypto exchange has successfully implemented measures to prevent North Koreans from accessing their platform.

Gambaryan stated that Binance’s actions have been effective in deterring North Korean individuals from using the exchange, stating:

 We kicked their ass enough that they’re actually able to recognize that Binance was not the place for them.

Gambaryan further emphasized the exchange’s commitment to compliance, highlighting the extensive efforts of its 700-member compliance team. He revealed that they handle around 1,300 law enforcement requests on a weekly basis, underscoring the exchange’s dedication to maintaining a secure and regulated trading environment.

This news comes in the wake of the U.S. Treasury Department’s sanctioning agency recently imposing sanctions on three North Korean individuals for their alleged involvement in supporting the Lazarus Group, a notorious North Korean hacking team known for carrying out cryptocurrency thefts.

Nevertheless, the exchange’s acquisition of Sakura Exchange BitCoin and its upcoming launch of Binance JAPAN demonstrate its continued efforts to expand its reach in the Japanese market.

Additionally, the exchange’s commitment to compliance and proactive stance against illicit activities, including preventing North Koreans from accessing their platform, showcase the exchange’s dedication to maintaining a secure and regulated trading environment for cryptocurrency users.

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Binance Opens Up Doors To The Japanese Market With Acquisition Of SEBC

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Binance, the world’s leading crypto exchange, announced its acquisition of Sakura Exchange BitCoins (SEBC), a registered crypto exchange service provider, on November 30th. With this acquisition, the leading crypto exchange opens up its doors to the Japanese Market.

Along with its brokerage business, SEBC also provides its clients with consultancy services. The announcement post lists the 11 trading pairs that the Tokyo-based exchange now supports.

The global market for the world’s largest crypto exchange is expanding. The financial goliath’s quick rise was previously marked by the opening of the Binance door in New Zealand (in September).

The company believes that Asia’s marketplaces have tremendous potential, and it has considered a number of nations for future expansion. Acquisitions are a part of the development ambitions, and the company’s next targets are expansion in the Philippines and Turkey.

The firm received regulatory authorization to sell cryptocurrency services in France, Italy, Spain, Dubai, Abu Dhabi, and Bahrain as part of its worldwide expansion. However, “the acquisition of SEBC marks Binance’s first license in East Asia.”

Binance Re-Entry Into Japanese Market After Four Years

Binance last conducted business in Japan in 2018, the same year the FSA warned it for operating without a license. Binance received a similar notice for violating the registration regulations in 2021.

After four years, the world’s largest crypto exchange now has access to the Japanese market through the SEBC acquisition as a licensed company under the Japan Financial Services Agency (JFSA).

However, the transaction’s terms weren’t made public. The leading crypto exchange seeks to create a responsible global cryptocurrency ecosystem by providing Japanese-regulated services via SEBC.

Takeshi Chino, general manager of Binance Japan, said: 

The Japanese market will play a key role in the future of cryptocurrency adoption. As one of the world’s leading economies with a highly-developed tech ecosystem, it’s already poised for strong blockchain uptake. 

To build their combined exchange in a compliant manner for local customers, he continued, they will actively collaborate with authorities. They are eager to support Japan in taking the lead in the crypto industry.

“On top of our effort to prioritize user protection,” Hitomi Yamamoto, CEO of SEBC, stated that Binance’s robust compliance system would assist create a more compliant environment for consumers in Japan and will allow them to engage with essential services needed for crypto adoption.

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