The world’s largest cryptocurrency exchange – Binance – will purportedly launch services on its new platform in Japan next month.
The firm pulled out of the Land of the Rising Sun in 2018 after having a major dispute with the local regulators.
- Binance’s CEO – Changpeng Zhao (CZ) – has supposedly confirmed the news in a video conference in Tokyo on July 25 (as seen by Bloomberg).
- The exchange previously announced that it will start operating on the Japanese market after June this year. It also informed that customers willing to join the venture will have to re-apply for account opening and pass all verification requirements.
- It is worth noting that Binance acquired the local crypto platform Sakura Exchange BitCoin (SEBC) to return to the Asian country.
- The latter, which is directly supervised by Japan’s Financial Services Agency (FSA), said it will terminate services between the end of May and the day of the opening of the new entity.
- Upon purchasing SEBC, Takeshi Chino – General Manager of Binance Japan – described the nation as one of “the world’s leading economies with a highly-developed tech ecosystem,” which is “poised for strong blockchain uptake.”
- While Binance has expanded to numerous regions globally over the past years, it has stayed away from Japan for over five years.
- The domestic financial regulator issued a warning to the exchange in 2018 for engaging with Japanese residents without having the necessary permission to do so. Shortly after, the organization left the country after failing to comply with the watchdog’s requirements.
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