Saddled with lawsuits from both the US and Nigeria‘s Securities and Exchange Commission (SEC), Binance remains undeterred. Despite regulators’ warnings, the company is forging ahead with plans to enter the crypto market of Japan, following its recent exit from Canada.
On August 1, the renowned cryptocurrency exchange made an announcement, revealing that Sakura Exchange Bitcoin would henceforth operate as Binance Japan. This move signifies the exchange’s commitment to complying with the country’s regulatory framework in its operations.
This transition will facilitate spot trading for 34 tokens, commencing on the same day. Additionally, Binance aims to onboard existing users in Japan to the local platform starting from August 14.
According to the announcement, Binance intends to enhance the growth of the Japanese digital asset market. It will achieve this by providing regulated exchange services in Japan.
The company is confident in the country’s commitment to technological advancement and its increasing fascination with blockchain technology. The prime minister of Japan, Fumio Kishida, expressed his endorsement of Web3’s transformative potential. This makes Japan an ideal location to establish a strong and sustainable Web3 ecosystem.
Binance’s return to Japan follows the resolution of concerns raised by the local financial regulator regarding registration requirements.
In November of the prior year, the company made a successful acquisition of Sakura Exchange BitCoin. Sakura Exchange was selected for its compliance with local regulations, and later rebranded as Binance Japan Inc.
Binance is actively pursuing cryptocurrency exchange licenses in various countries worldwide. Apart from Japan, the company has already obtained permits in Indonesia. Additionally, Binance is making preparations for its upcoming launch in Thailand.
As cryptocurrencies gain prominence in the global financial market, various countries are implementing regulatory actions in response.
The European Union, with countries, like the UK, was among the first to adopt strict regulatory measures. These measures require cryptocurrency service providers to identify and halt any illicit use of cryptocurrencies.
Despite the mixed reception and regulatory stance towards crypto, we’re glad that Binance is still expanding into new markets. We hope that more countries will promote blockchain or relax their regulations to foster crypto adoption.