Sakura Exchange Bitcoin Co., Ltd. (SEBC) has announced its plans to launch a new crypto exchange service called “Binance Japan (tentative name)” after June 23. The details, including the start time, will be announced later.
The launch of the new service will require users to perform KYC again, as the personal information registered with SEBC will not be carried over to the new platform.
SEBC transferred all its shares to Binance Holdings Limited, an affiliated company of Binance CEO Changpeng Zhao, resulting in the original Binance being unable to open a new account for Japanese residents. In order to provide services as a crypto exchange in Japan, it is necessary to obtain approval and business registration from the Financial Services Agency.
The brokerage service currently provided by SEBC for domestic exchanges will end on May 31, 2023. Therefore, users will need to sell their crypto assets and withdraw Japanese yen for the assets held in their account by the deadline for order application.
It is unclear whether Japanese users will be able to continue using the global version of Binance after the opening of Binance Japan. Additionally, it is uncertain whether Binance’s major issues that are not listed in Japan, such as BNB, will be whitelisted in the future.
Binance is currently the world’s largest cryptocurrency exchange, and the launch of Binance Japan is expected to be a significant development in the Japanese crypto market. However, it remains to be seen how the new service will perform and how it will impact the existing players in the market.
SEBC’s announcement of the launch of Binance Japan is a major development in the Japanese crypto market, as it will provide users with another option for trading cryptocurrencies. The launch of the new service is expected to further drive the adoption of cryptocurrencies in Japan and increase competition among crypto exchanges.
Read more:
- Japan’s Financial Services Agency Clarifies Eligibility Of NFTs As Crypto Assets
- Japanese Regulator Issues Warning To Bybit, MEXC, Bitget, And Bitforex For Unregistered Crypto Trading