Binance Japan Exchange To Officially Launch In June With Legal Effort

Key Points:

• Binance plans to launch a new Japanese cryptocurrency exchange Sakura Exchange Bitcoin (SEBC), in June.
• The current Sakura Exchange Bitcoin service will end on May 31.
• The company acquired Sakura Exchange in November last year and showed its willingness to enter Japan.

On April 28, Coinpost revealed that Binance intends to start a new Japanese cryptocurrency exchange, Sakura Exchange Bitcoin (SEBC), in June.

According to the article, the exchange will introduce a new service called ‘Binance Japan’ after June and will provide more information shortly.

Individual users who register an account with SEBC will be unable to connect information with the current Binance Japan exchange, forcing them to go through the customer identification (KYC) process again.

Sakura Exchange’s existing Bitcoin service will be discontinued on May 31. Customers must submit a virtual currency selling order by 8:00 a.m. on May 26 (Friday) and a Japanese yen withdrawal process by 5:00 p.m. on May 28 (Sunday). Yes, any virtual currency that remains in the account after the deadline will be converted to Japanese yen at the rate in effect on June 5 and refunded to the registered bank account.

The company is attempting to gain clearance and business registration from the Financial Services Administration in order to offer services as a crypto exchange.

Binance previously stated in November last year that it would enter the Japanese market by purchasing SEBC, a Japanese-licensed cryptocurrency exchange. In Japan, the foreign version of Binance has ceased allowing new user registrations at the moment.

Also, whether Japanese users will be able to use the global version even after the launch of Binance JAPAN, and whether Binance’s major issues, such as BNB, will be whitelisted in the future.

Last year, FTX, which gained notoriety due to its bankruptcy, established FTX Japan as a means of acquiring domestic exchange Liquid. It has also become a prohibited trend. Although the details differ this time, Binance’s domestic expansion is proceeding in the same manner as FTX, so users of the exchange’s overseas version should exercise caution.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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Harold

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