Binance expected to launch crypto services in Japan by August

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The market’s largest crypto exchange, Binance, will begin offering comprehensive services to Japanese users in August, its CEO Changpeng Zhaos said at a conference in Tokyo on Tuesday.

This announcement follows Binances’ acquisition of Sakura Exchange BitCoin (SEBC) in an undisclosed deal last November.

SEBC is regulated by Japan’s Financial Services Agency (FSA), which means the acquisition allows the crypto exchange to officially re-enter Japan.

A Binance spokesperson told Decrypt in November that Japan has “tremendous potential in the emerging Web3 industry” and will “play a key role” in the continued adoption of crypto.

According to a May notice, the exchange planned to discontinue services for Japanese users on its global platform on November 30, offering current users the option to migrate to the new local platform through a new identity verification process after August 1.

Initially, the exchange planned to offer up to 30 digital assets for spot trading on the new platform.

Binance and the FSA did not immediately respond to Decrypts’ requests for comment.

Binance and Japan

In 2017, the FSA introduced a registration process for cryptocurrency companies, operating in the country, requiring them to file with the regulator.

Since then, the agency at least twice in 2018 and 2021 warned Binance to operate in the country without the necessary permits. Notably, the second warning was issued despite claims by Binances that the crypto exchange had left Japan.

In September 2022, shortly before the acquisition of SEBC, it was reported that Binance was seeking a license to operate in the country and planned to seek regulatory approval.

A spokesperson for the exchange declined to comment on discussions with specific regulators at the time, telling Decrypt that the exchange is committed to working with regulators and policymakers to shape policies that protect consumers, encourage innovation and advance our industry globally.

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