Cryptocurrency giant Binance has made its Japanese debut with the acquisition of a Japanese cryptocurrency exchange called Sakura Exchange BitCoin (SEBC).
SEBC is a Tokyo-based cryptocurrency exchange registered with the Financial Services Agency of Japan. Its currency supports trading pairs of 11 cryptocurrencies against the Japanese yen, including Bitcoin BTCJPY, 2.48%, Ethereum, Bitcoin Cash, Litecoin and MonaCoin.
The deal means the Cayman Islands-based company will be able to offer Japanese-regulated services for the first time.
Binance did not disclose the terms of the deal.
“As one of the world’s leading economies with a highly developed technology ecosystem, it is well-positioned for mass blockchain adoption,” said Takeshi Chino, general manager of Binance Japan.
“We will actively work with regulators to develop our joint exchange for local users in a compliant manner. We are eager to help Japan play a leading role in the cryptocurrency space,” he added.
SEBC CEO Hitomi Yamamoto said: “In addition to our efforts to prioritize user protection, Binance’s strong compliance system will help create a more compliant atmosphere for Japanese users and help them lay the groundwork for future mass adoption. Critical cryptographic services are required." .
Binance has been expanding lately, most notably announcing its intention to buy the now-collapsed exchange FTX earlier this month and exiting the trade a day later.
SEBC is a Tokyo-based cryptocurrency exchange registered with the Financial Services Agency of Japan. Its currency supports trading pairs of 11 cryptocurrencies against the Japanese yen, including Bitcoin BTCJPY, 2.48%, Ethereum, Bitcoin Cash, Litecoin and MonaCoin.
The deal means the Cayman Islands-based company will be able to offer Japanese-regulated services for the first time.
Binance did not disclose the terms of the deal.
“As one of the world’s leading economies with a highly developed technology ecosystem, it is well-positioned for mass blockchain adoption,” said Takeshi Chino, general manager of Binance Japan.
“We will actively work with regulators to develop our joint exchange for local users in a compliant manner. We are eager to help Japan play a leading role in the cryptocurrency space,” he added.
SEBC CEO Hitomi Yamamoto said: “In addition to our efforts to prioritize user protection, Binance’s strong compliance system will help create a more compliant atmosphere for Japanese users and help them lay the groundwork for future mass adoption. Critical cryptographic services are required." .
Binance has been expanding lately, most notably announcing its intention to buy the now-collapsed exchange FTX earlier this month and exiting the trade a day later.