• Binance’s Japanese subsidiary launched a new platform to onboard new customers in Japan.
• The existing Japanese users of the Binance global platform will be able to access the new platform by Aug 14.
• Binance Japan was created by acquiring local crypto platform SAKURA Exchange Bitcoin, Inc. (SEBC) in November 2022.
Binance Reenters Japanese Market
Binance’s Japanese subsidiary has launched a dedicated platform to onboard new customers in the Asian country, according to an Aug 1 press statement. The exchange stated that existing Japanese users of its Binance global platform will be able to access the new platform by Aug 14.
Acquiring SEBC
Binance said it entered the Japanese market by acquiring local crypto platform SAKURA Exchange Bitcoin, Inc. (SEBC) in November 2022. SEBC is one of the largest exchanges in Japan and is regulated by the country’s Financial Services Agency (FSA). It was then renamed Binance Japan with a goal of building a sustainable Web 3 ecosystem in Japan and other parts of Asia Pacific region.
Assets Available On Platform
The exchange announced that it will list 34 digital assets on its newly-launched platform including Bitcoin, BNB and others. Additionally, customers will have access to various features such as margin trading, perpetual contracts trading and direct crypto-to-crypto spot trading services on Binance Japan’s dedicated website and mobile app for iOS and Android devices.
Regulation Compliance
In order to operate legally within the jurisdiction of Japan, Binance’s newly launched exchange is compliant with FSA regulations which require exchanges to verify customer identity before allowing them to trade or withdraw funds from their accounts on the exchange. This KYC requirement helps prevent money laundering activities on their platforms.
Conclusion
With this launch, Binance has re-entered into the lucrative Japanese market after previously leaving due to regulatory issues back in 2018. With this move, they hope to provide more options for cryptocurrency traders within the jurisdiction as well as build up their user base in Asia Pacific region while remaining compliant with all applicable laws and regulations set forth by local authorities such as FSA of Japan