Binance, a leading global crypto trading platform and ecosystem, is taking a step into the Japanese crypto market by signing a deal with the Sakura Exchange BitCoin (SEBC) for a 100% acquisition. The reason behind this sudden buyout is: this exchange is regulated by the Japan Financial Services Agency.
Japan’s crypto market is one of the most strictly regulated in the world. Considering the country is the leading economy in Asia, the authorities didn’t waste time in adopting this new technology by promoting a proper framework.
Binance adopted a unique approach to the Japanese market by acquiring the existing Tokyo-based trading exchange instead of applying for regulatory approval of its own brand.
Although the terms of the deal weren’t revealed, this is a great opportunity for Binance to establish itself in the country while being fully regulated by the authorities. In fact, this is the exchange’s first entry into East Asia.
Sakura exchange currently supports 11 trading pairs including BTC/JPY, ETH/JPY, etc., enabling users to exchange virtual currency through the fiat currency, Japanese Yen.
“Binance’s strong compliance system will 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,” said Hitomi Yamamoto, CEO of SEBC.
Following the acquisition announcement, the general manager of Binance, Takeshi Chino said, “The Japanese market will play a key role in the future of cryptocurrency adoption. We will actively work with regulators to develop our combined exchange in a compliant way for local users.”
Sakura exchange’s controlling stake was previously acquired by Kakao Piccoma., a South Korean company, in April 2022 for global expansion. The company acquired 50% of its stake in SEBC, becoming the largest shareholder of the exchange.
