After five years out of the Japanese market, crypto exchange Binance has begun the process of establishing a new and fully regulated subsidiary in the country. The move follows the acquisition of the regulated crypto exchange Sakura Exchange Bitcoin (SEBC) in November 2022.
As part of the deal, SEBC will cease its current services by May 31 and reopen as Binance Japan in the coming weeks. Users of the exchange’s global platform in the country will have to register with the new entity. The migration will be available after August 1, 2023, and will include a new identity verification process (KYC) to comply with local requirements.
Any remaining funds on the SEBC exchange will be automatically converted to Japanese yen and transferred to users’ bank accounts beginning in June, Binance previously disclosed.
With a narrowing regulatory landscape, the exchange’s strategy for expanding its global reach has been to acquire local regulated entities. Binance made a similar move in Singapore in 2021, in Malaysia in 2022, and in Thailand most recently. In Japan, it shut down operations in 2018, after failing to obtain an independent license from local regulators.
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According to a notice on its website, the exchange will not provide derivative services in Japan. Binance’s global…
