Binance Returns to Japan with Sakura Exchange Bitcoin
Binance, one of the biggest cryptocurrency exchanges in the market, has restarted operations in Japan with the relaunch of a new cryptocurrency exchange platform. The company had withdrawn from the Japanese market five years ago after new regulations hampered its operations. With the new exchange, Binance can again provide crypto services in the country, which is a thriving market for cryptocurrency.
Sakura Exchange Bitcoin
The new exchange in Japan stems from Binance’s acquisition of Sakura Exchange Bitcoin (SEBC), a regulated exchange, in 2022. The purchase offers the company a chance to expand its customer base in Japan, with the transfer of users from the Japanese platform to Binance completed over a few months. Accounts on SEBC closed on May 31, with the funds of users automatically converted to Japanese yen and transferred to their bank accounts. Binance will take over the operations of the exchange on August 1.
With over 125 million inhabitants, Japan is an important market for Binance and for cryptocurrency as a whole. The company’s re-entry into the Japanese market places it in a position to provide crypto services to a large market and expand its global presence.
Binance Expands Globally
Binance’s expansion plan involves acquiring local entities in different countries. This strategy enables it to comply more easily with local regulations and expand its customer base in different markets. The company has acquired local exchanges in several countries, including Malaysia, Singapore, and Thailand.
However, its expansion in some markets has been hindered by tightening regulations. For example, Binance had to withdraw from the Canadian market due to heavy restrictions imposed by the Canadian Securities Administrators (CSA). Other established crypto companies such as OKX and Paxos also left the Canadian market, following the growing trend of regulatory hurdles in the North American region.
Nonetheless, Binance’s re-entry into the Japanese market signifies its resilience and determination to be a global leader in the cryptocurrency industry. Despite the challenges posed by regulations in different markets, the company continues to expand into new markets with a focus on providing excellent crypto services to global customers.
Binance’s return to Japan with a new exchange platform represents a significant milestone for the company and for the Japanese crypto market. The country represents a large, thriving market for cryptocurrency, making it a critical region for the company’s global expansion. The company’s acquisition of SEBC and the migration of users to the Binance platform places it in a favorable position to provide quality services to its Japanese customers. Binance continues to expand its operations across other markets, aiming to increase its global footprint while complying with regulations in different countries.