Binance Japan will offer services after acquiring Sakura Exchange BitCoin
Binance is expected to provide services on the Japanese market in the coming months. The world’s largest crypto exchange by trading volume, Binance took over regulated crypto exchange Sakura Exchange BitCoin (SEBC) last November. The SEBC will cease operating on May 31, giving way to a new platform, provisionally named “Binance Japan”, after June.
Japan is a highly-regulated environment for crypto exchanges. It requires segregation of customer and exchange assets. Exchange assets are to be kept in cold wallets, whereas customers’ fiat to be looked after by a Japanese trust company or bank trust. To offer services locally, the company will have to register with the Financial Services Agency (FSA), Japan’s regulatory watchdog. The registration is scheduled to go through in June, after which operations could begin.
Sakura exchange currently supports 11 trading pairs. Tokens listed on exchange platforms have to go through the vetting process by the Japan Virtual Currency Exchange Association. Before the SEBC services are terminated on May 31, customers will need to pull off their assets. Personal data will not be migrated to the new platform automatically, so the customers would be required to complete the KYC procedure from scratch.
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