11-30-2022 icon

Binance buys registered digital currency trading protocol in Japan

By Lucy Adegbe
Binance debit card

Biggest cryptocurrency trading protocol Binance has scheduled its return into the Japanese digital space by purchasing the entire stake an authorized digital currency exchange in the region.

According to the protocol’s official website publication put up on November 30, the purchase of Sakura Exchange BitCoin (SEBC) is a step toward gaining entry into the Japanese market as a Japan Financial Service Agency (JFSA) registered exchange.

Binance had ceased to render its services in the region following an FSA warning for functioning without legal authorization. The Japanese authorities again notified the trading platform, in 2021, over the same issue.

Chair supervisor of Binance Japan Takeshi Chino explained that the Japanese market is bound to significantly influence the outcome of digital currency acceptance. As a global prominent market with an advanced technological system, it is well-equipped for tough blockchain incorporation, Chino buttressed. 

Citing the goals of Binance, the chair supervisor further highlighted the exchange commitment to assisting Japan to attain the top role in the digital space.

SEBC’s chair Hitomi Yamamoto also expressed satisfaction with the purchase, stating that Binance’s tough adherence pattern will aid the creation of a more effective adherence atmosphere for customers in the Japanese territory.

Binance has earned authorization in regions like France, Dubai, Abu Dhabi, Cyprus, Poland, Spain, and New Zealand, with its SEBC purchase recording as its sole authorization in East Asia. 

Further details relating to the Binance acquisition deal are yet to be revealed as of the time of writing.