SNEAK PEEK
- The largest Exchange Binance has acquired the entirety of BitCoin (SEBC), a Japanese-registered cryptocurrency exchange service provider.
- The largest cryptocurrency exchange in the world by trading volume has now entered the Japanese market as a result of the acquisition.
- The Japanese market would have a substantial impact on the adoption of cryptocurrencies, according to Takeshi Chino, general manager of Binance Japan.
Sakura Exchange BitCoin (SEBC), a Japanese-registered cryptocurrency exchange service provider, has been fully bought by Binance, the world’s largest blockchain ecosystem and infrastructure provider for cryptocurrencies. Binance enters the Japanese market through this acquisition and becomes a Japan Financial Services Agency (JFSA)-a recognized company.
#Binance has acquired 100% of Sakura Exchange BitCoin (SEBC), the Japanese-registered crypto exchange service provider.https://t.co/GSPYxQvamg
— Binance (@binance) November 30, 2022
The transaction’s terms weren’t made public. Through SEBC, Binance provides services that are governed by Japanese law to promote a trustworthy cryptocurrency ecosystem worldwide.
In addition to the countries mentioned above, Bahrain, Abu Dhabi, Dubai, New Zealand, Kazakhstan, Poland, Lithuania, and Cyprus have all been granted Binance regulatory certifications or authorizations. Binance’s first license in East Asia was acquired with the purchase of SEBC.
With the purchase, the largest cryptocurrency exchange in the world by trading volume joins the Japanese market, bringing the total number of nations where it has a regulatory license to a sizable number.
According to Takeshi Chino, general manager of Binance Japan, the adoption of cryptocurrencies would be significantly influenced by the Japanese market. It’s already primed for significant blockchain uptake since it has one of the most sophisticated IT ecosystems and one of the largest economies in the world, he noted.
They will actively collaborate with regulators to create their integrated exchange for local users in a compliant manner. They are keen to assist Japan in becoming a global leader in crypto, he continued.
A JFSA-registered cryptocurrency exchange called SEBC provides its clients with advisory services in addition to brokerage services.
Since the tragic demise of competing platform FTX earlier this month, Binance has been receiving a lot of attention. The CEO of Binance, Changpeng Zhao, a Chinese-Canadian, promised last week to release an audit of his company while refuting charges that he was responsible for FTX’s downfall.
After the 2014 collapse of the Tokyo-based MtGox Bitcoin exchange, Japan has attempted to tighten its regulation of virtual currencies.
