Following the lawsuits against Binance from the SEC, the exchange and its CEO have filed a motion of dismissal.
Global leading cryptocurrency exchange Binance has made a significant move in the Japanese market, launching a Japan-based arm known as Binance Japan. The launch comes around two years after Binance received a warning from Japan’s financial regulator, the Financial Services Agency (FSA), for operating in the country without the necessary license.
Binance Japan, previously known as Sakura Exchange Bitcoin, aims to comply with Japan’s regulatory framework to operate legally within the country. As of August 1st, the exchange offers spot trading services for 34 different tokens, and it plans to gradually migrate Binance users from other regions to its Japanese platform starting midway through August.
We’re proud to announce that #Binance has officially launched in Japan as Binance Japan K.K.
Users in the country now have access to more tradable tokens than any other exchange, with Spot and Earn products available.
Find more details below.https://t.co/grxPYSsp84
— Binance (@binance) August 1, 2023
Japan has a significant history with Binance, as the country was once the headquarters of the exchange following its relocation from China. However, with regulatory concerns at play in 2018, Binance decided to move its operations to Malta. The warning from the FSA in June 2021 further emphasised the need for Binance to adhere to Japan’s regulatory requirements.
Binance acquired Sakura Exchange Bitcoin in November 2022, signalling an intention to reintroduce itself to the Japanese crypto market under the necessary regulatory framework. The exchange aims to contribute to the development of the Japanese digital asset market, citing the growing interest in blockchain technology within the country.
It’s worthwhile noting that as Binance ventures back into Japan, other major exchanges like Kraken and Coinbase have announced their plans to withdraw from the Japanese market. They pointed to challenging market conditions as a reason for their exit.
In light of the development, Japanese Prime Minister Fumio Kishida remains supportive of fostering Web3 innovations within the country. This aligns with the government’s ongoing efforts to promote technological advancements and blockchain adoption.
Binance Japan’s launch marks a significant step for the exchange in re-establishing its presence in the Japanese crypto market while adhering to the country’s regulatory requirements. As Japan continues to explore blockchain technology and its potential applications, the move signals Binance’s commitment to becoming a key player in the growing Japanese digital asset market.