Binance Enters Japanese Market With Sakura Exchange BitCoin Purchase
The world’s largest cryptocurrency platform Binance on Wednesday announced its first license in East Asia with the acquisition of Japan’s officially regulated Sakura Exchange BitCoin.
Binance has been in the spotlight since the dramatic collapse of rival platform FTX this month.
Changpeng Zhao, the China-Canadian head of Binance, promised last week that he would fire the auditor from his company while rejecting allegations that he caused the demise of FTX.
The terms of Binance’s purchase of 100 percent of Tokyo-based Sakura exchange BitCoin were not disclosed in a joint statement on Wednesday.
But Binance he said “aims to support a responsible global environment for cryptocurrencies” by providing Japanese-controlled services.
“The Japanese market will play an important role in the future of cryptocurrency adoption,” said Takeshi Chino, general manager of Binance Japan, in a statement.
“We will work closely with regulators to develop our integrated exchange in a compliant manner for local users.”
Japan has worked to tighten its controls on virtual currencies following the collapse of Tokyo-based MtGox Bitcoin exchange in 2014.
Binance was operating in Japan a few years ago, but had to withdraw operations due to lack of proper licenses in 2018. Japan’s Financial Services Agency (FSA) had previously insisted Binance apply for an operating license. Japan, in recent years, has emerged among the group of crypto-friendly nations that are ready to use the power of blockchain to improve their financial sectors.
Other major players in the space, Crypto.com and FTX crypto exchanges are already operating in Japan. As of the end of 2021, the number of crypto asset accounts established in Japan reached about 5.48 million, Statista data claimed.
