Binance is set to begin operations in the Japanese market, according to a notice published on Friday.
In November last year, Binance, the world's largest crypto exchange by trading volume, acquired regulated crypto exchange Sakura Exchange BitCoin (SEBC). Existing services on SEBC will be terminated on May 31 and a new service under the provisional name “Binance Japan” will launch after June 2023, the notice said.
SEBC currently supports 11 trading pairs. Listing tokens on exchanges in Japan requires vetting by the Japan Virtual Currency Exchange Association.
Japan has a high regulatory bar for crypto exchanges. It requires segregation of customer and exchange assets, most exchange assets to be kept in cold wallets and for customers' fiat to be kept by a Japanese trust company or bank trust.
Japan's financial authorities have previously issued a warning that Binance was operating in the country without permission.
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