In a bold move, the renowned cryptocurrency exchange Binance has set foot in Japan, unveiling its new venture, Sakura Exchange Bitcoin as Binance Japan. This strategic step comes around two years after receiving a cautionary notice from Japan’s financial regulator.
Sakura Exchange Bitcoin Now Binance Japan
Embracing the name Binance Japan, previously known as Sakura Exchange Bitcoin, the platform is determined to comply with Japan’s regulatory framework, ensuring a legitimate operation in the country’s thriving crypto market. The exchange has wasted no time and already initiated spot trading for 34 tokens, with plans to transition global Binance users to this innovative platform commencing on August 14.
Interestingly, Japan holds sentimental value for Binance, once serving as the exchange’s headquarters before it sought new horizons in Malta back in 2018, prompted by Japanese financial regulators’ concerns over licensing matters.
The Financial Services Agency (FSA) of Japan sent a stern warning to Binance in June 2021, urging them to refrain from operating without proper licensing in the country. However, Binance clarified that it had no active engagement with Japanese users and did not conduct any exchange operations in Japan.
Binance’s strategic acquisition of Sakura Exchange Bitcoin in November 2022 evidently set the stage for its return to the Japanese crypto market, indicating the exchange’s keen interest in contributing to the growth of Japan’s digital-asset market and embracing the burgeoning blockchain landscape.
While the Japanese Prime Minister, Fumio Kishida, has shown enthusiasm for promoting Web3 innovations, other crypto exchanges like Kraken and Coinbase have made contrasting decisions, opting to withdraw their operations in Japan due to challenging market conditions.
With Binance’s exciting foray into Japan, the crypto industry in the country is bound to witness captivating developments. The exchange’s renewed focus on compliance and collaboration with Japan’s financial authorities reflects a compelling shift towards building a reputable and thriving crypto ecosystem within the nation’s borders.
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