After acquiring Sakura Exchange BitCoin (SEBC) in November 2022, Binance will start providing full services for Japanese users in August this year.
Sakura Exchange BitCoin Acquisition Allows Binance to Officially Return to Japan
After acquiring Sakura Exchange BitCoin (SEBC) in November 2022, Binance, the biggest cryptocurrency exchange in the world, will start providing full services for Japanese users in August this year.
The acquisition permits Binance to formally reenter Japan because SEBC is subject to the Financial Services Agency's (FSA) regulation. Up to 30 digital assets would have been originally available for spot trade on the new platform, according to the exchange.
According to a representative for Binance, Japan has enormous potential in the developing Web3 sector and will be crucial to the continued growth of cryptocurrencies.
The CEO of Binance, Changpeng Zhao, hailed Japan's attitude to the industry as one that is "innovation-friendly" and referred to it as "a leader in the Web3 regulatory environment" during the WebX conference. In addition, he discussed his early career years as a developer living in Japan and emphasized the nation's distinct regulations on the industry, which have been in place for more than five years.
This comes as Japanese Prime Minister Fumio Kishida makes clear that his country intends to push Web3 as a part of the new form of capitalism.
