Binance, the world’s leading blockchain ecosystem and cryptocurrency infrastructure provider announced that it has acquired 100 percent of Sakura Exchange BitCoin (SEBC), a Japanese-registered crypto exchange service provider.
With its recent acquisition, Binance will now be able to enter the Japanese market as a Japan Financial Services Agency (JFSA) regulated entity.
The terms of the purchase were not disclosed by Binance. However, it said that by offering Japanese-regulated services through SEBC, they aim to support a responsible global environment for cryptocurrencies.
“The Japanese market will play a key role in the future of cryptocurrency adoption. As one of the world’s leading economies with a highly-developed tech ecosystem, it’s already poised for strong blockchain uptake,” Takeshi Chino, general manager of Binance Japan, said.
Chino said they would actively work with industry regulators to develop a combined exchange in a compliant way for the local users. He added that they are very eager to help Japan take a leading role in crypto.
Hitomi Yamamoto, CEO of SEBC, said that they are honored and delighted to announce their new venture with Binance, which is one of the world’s leading crypto asset exchange service providers.
Yamamoto said that on top of their effort to prioritize user protection, Binance’s strong compliance system is expected to contribute to building a more compliant atmosphere for users in Japan and help them access key crypto services needed for mass adoption in the future.
Binance has earlier secured regulatory approvals or authorizations in France, Italy, Spain, Bahrain, Abu Dhabi, Dubai, New Zealand, Kazakhstan, Poland, Lithuania and Cyprus. Its recent acquisition of SEBC marks Binance’s first license in East Asia.
SEBC, a JFSA-registered crypto exchange, offers its customers consultation services in addition to its brokerage service. The Tokyo-based exchange currently supports 11 trading pairs: BTC/JPY, ETH/JPY, BCH/JPY, XRP/JPY, LTC/JPY, ETC/JPY, XEM/JPY, MONA/JPY, ADA/JPY, XYM/JPY, and COT/JPY.