Next month, the world’s largest cryptocurrency trading platform, Binance, will debut “Binance Japan” by rebranding a Japanese trading platform it acquired around the end of 2017.
In a transaction that was consummated at the end of November 2022, Binance acquired ownership stakes in the trading platform known as Sakura Exchange BitCoin (SEBC).
And as stated in an official notice distributed by SEBC as well as in an article published by a Japanese news outlet known as CoinPost, Binance will now attempt to rebrand SEBC under its own name.
Binance (AP) Holdings, a subsidiary of Binance, was the company that successfully closed the deal.
However, existing SEBC customers will be required to join the platform in a manner analogous to starting from scratch.
The company has made it clear that all new clients, including existing customers with SEBC accounts, would be required to undergo the new Know Your Customer (KYC) procedures.
On May 31, 2011, SEBC made the announcement that it would no longer conduct business under its own name.
Before the end of the month, the platform requested that its users sell or withdraw any cryptocurrency assets they held.
As a result of Japan’s implementation of a permission system for cryptocurrency exchanges in 2018, Binance was compelled to leave the country.
Despite this, the exchange continues to enjoy a high level of popularity with Japanese users, who are required to trade on the international Binance platform.
According to reports, a contract for the Japanese TaoTao platform fell through around the year 2020.
However, beginning in September of the previous year, sources based in Japan began reporting that Binance was once again looking for a way to get back into the market.
Binance and other big exchanges were previously cautioned not to seek Japanese clients before getting operating permission from the Japanese government.
However, by purchasing SEBC, a domestic player that already possessed a license, Binance was able to effectively circumvent this process.
The company has also made efforts to employ the same playbook in South Korea, which is located on the other side of the ocean.
Binance recently jumped in for a deal to finance GOPAX, a more modest cryptocurrency exchange located in South Korea.
GOPAX is one of only five platforms that possess the necessary operating permit and banking partnership deal to facilitate trading in KRW.
Despite the fact that Binance has not yet “officially” completed a takeover of GOPAX, a number of current and former Binance personnel have been assigned to top roles in the exchange.
Local startups are the dominant force in East Asia’s mature marketplaces, which are characterized by enormous volumes and stringent regulations.
And it seems like Binance’s interest in these things has increased over the past several months.
After the exits of FTX and Coinbase, both of which formerly operated trading platforms in Japan, the company will be especially eager to return to the country. Coinbase and FTX had both previously operated in Japan.
30 May 2023
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