Binance Japan Will Start Operations After June
Binance, the world's largest crypto exchange acquired Sakura Exchange BitCoin in November.
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.
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.
Learn more about Consensus 2024, CoinDesk’s longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.