• Binance is preparing to re-enter the Japanese market in June 2023, after acquiring Sakura Exchange Bitcoin (SEBC), a regulated crypto exchange platform.
• SEBC exchange users must withdraw their funds before May 28th, 2021 and Binance Japan users will have to go through new identity verification and Know Your Customer checks.
• By complying with local regulations in Japan, Binance hopes to provide improved services and contribute to creating a responsible global environment for digital assets.
Binance Acquires Sakura Exchange Bitcoin
Binance has recently acquired Sakura Exchange Bitcoin (SEBC), a regulated crypto exchange platform licensed by the Japan Financial Services Agency. This acquisition paves the way for Binance’s return to the Japanese market in June 2023.
SEBC Users Must Withdraw Funds Before Deadline
In preparation of launching its new service “Binance Japan”, SEBC has announced that all existing customers must withdraw their funds before May 28th, 2021. Any remaining funds after this date will be converted into Japanese yen at the prevailing conversion rate as of June and refunded to the user’s registered bank account.
Identity Verification & KYC Checks
In order to use Binance Japan, customers are required to go through a separate application process even if they already have an account with Sakura Exchange Bitcoin. All users must submit all necessary information for account opening and undergo reviews and identity verification again in order to meet regulatory requirements for operating in Japan.
Commitment To Compliance & Improved Services
Binance states that it is committed to comply with local regulations in Japan while providing improved services to its users. By doing so, they hope that Japan might take a leading role in the world of cryptocurrencies and contribute towards creating a responsible global environment for digital assets.
Previous Hiatus From The Japanese Market
This marks Binance’s return back into the Japanese market after a 5 year hiatus since leaving due to regulatory issues back in 2018.