Binance, the world’s largest cryptocurrency exchange, plans to reopen on the Japanese market after June of this year. The company left Japan in 2018 after experiencing regulatory issues.
- Sakura Exchange BitCoin (SEBC) announced that Binance Japan will start providing services and products to local customers after June 2023.
- The crypto giant acquired SEBC in November last year to strengthen its presence in the region.
- Sakura, an exchange regulated directly by Japan’s Financial Services Agency (FSA), will halt all existing services after May 31 until Binance Japan opens. It suggests users withdraw holdings before the deadline. Those who do not will have their assets converted to Japanese yen at the rate as of June 5.
- Customers who want to join Binance Japan must reapply for account opening and meet the verification requirements.
- In 2018, Binance left Japan after watchdogs warned that it had been operating without permission. Some rumors suggested the company faced criminal charges by the FSA, but CEO Changpeng Zhao dismissed the speculation.