SEBC will make a way for Binance to reenter Japan

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By Degen Lipsa

Binance Japan’s official launch date is not specified, however the announcement did say that it might happen after June with the help of the regulate exchange SEBC.

After purchasing the licenced cryptocurrency exchange platform Sakura Exchange Bitcoin (SEBC), crypto exchange Binance is getting ready to reenter the Japanese market. In November 2022, Binance purchased the exchange, a Japan Financial Services Agency-licensed company, with the goal of reentering the Japanese cryptocurrency market.

A local daily said that SEBC would stop offering its present cryptocurrency exchange and brokerage services by May 31 and relaunch as Binance Japan in June 2023. There was no formal launch date specified in the SEBC announcement.

Through the newly acquired regulated exchange SEBC, Binance will reenter Japan.
Source : Binance

Before the May 28 deadline, users of the SEBC exchange must withdraw their money. By June 5, any money that is still in these accounts will be automatically converted to Japanese yen and transferred to users’ bank accounts. Users of Binance Japan would have to go through new Know Your Customer and identification verification processes.

After its initial attempt to secure an independent licence was unsuccessful, Binance has now re-entered Japan through an acquired entity, almost five years later. After financial officials notified Binance that it was operating without official regulatory approval in 2018, Binance was forced to shut down its activities in Japan.

In over a dozen countries, the top cryptocurrency exchange has experienced problems with regulatory compliance. The trading site has, however, been able to restore its relationships with authorities. Binance reentered these markets by acquiring holdings in regulated organisations in numerous nations where it has struggled to secure an independent licence.

After purchasing a stake in a regulated exchange platform, Binance was able to reenter the Malaysian cryptocurrency market before returning to the Japanese market. Additionally, the exchange made a comeback in Singapore, where it now owns an 18% stake in a licenced stock exchange. Similar to this, the cryptocurrency platform was able to access the pound payment network in the United Kingdom thanks to a relationship with Paysafe, despite regulators blocking access to the same.

One of the first countries to enact crypto legislation was Japan. Although the country’s regulatory demands for cryptocurrency platforms were once viewed as stiff, they have since been loosened, making it simpler to list new crypto assets.

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