[NEWS] Binance Japan to launch service after June

Sakura Exchange Bitcoin (SEBC) announced on the 28th of last month that it would end its brokerage service for domestic exchanges and launch a new service called "Binance Japan" (tentative name) after June.

Last November, Sakura Exchange Bitcoin resolved to change shareholders and officers, and transferred all issued shares to Binance Holdings Limited. As a result, the company became a 100% subsidiary of Binance, and transitioned to a new management structure, with former Kraken Japan CEO Takeshi Chino taking over as CEO.

Also, since November 30 of the same year, it has been impossible to register new users for Binance from within Japan.

As Binance has gone global, it has obtained licenses from regulatory authorities in 11 countries around the world. This is the first time it has obtained a license in Japan in the East Asian region.

Rather than applying for registration as a cryptocurrency exchange operator to the Financial Services Agency itself, Binance decided to enter the Japanese market by acquiring SEBC.

The Financial Services Agency has issued two warnings to Binance for unregistered businesses providing services to Japanese residents.

Please note that accounts will not be transferred from Sakura Exchange Bitcoin to Binance Japan this time.

Crypto assets must be sold and withdrawn in Japanese yen by the order application deadline. If the sale of crypto assets is not completed by the deadline, they will be converted into Japanese yen at the rate of June 5th and returned to the bank account by June 14th.

Sakura Exchange Bitcoin also explains that since it does not provide a crypto asset withdrawal service, crypto assets will not be able to be moved after the end of the brokerage service to domestic exchanges.

The company will end its brokerage service to domestic exchanges at noon on the 31st of this month and will terminate the use of accounts.

Binance Japan is scheduled to launch after June, but details including the launch date will be announced at a later date.

Reference: Sakura Exchange Bitcoin
Image: Binance Press Release