Binance, the renowned cryptocurrency exchange, is embarking on its Japanese market expansion plans, following the recent acquisition of Sakura Exchange Bitcoin (SEBC), a Japan-based crypto trading platform. The CEO of Binance, Changpeng “CZ” Zhao, expressed his enthusiasm for the potential opportunities that await in Japan’s crypto landscape, thanks to the country’s clear regulatory atmosphere.

In 2018, Binance temporarily halted its operations in Japan after failing to secure the necessary licenses from local regulators. Nevertheless, after careful consideration and four years of absence, the crypto platform has decided to re-enter the Japanese market. Their strategic move involves acquiring Sakura Exchange Bitcoin (SEBC) and operating as a fully regulated entity under the supervision of the Japan Financial Services Agency (JFSA).

To align with their re-entry plans, Binance ceased offering its services to Japanese residents through their global platform on May 31. Instead, they will launch Binance Japan, a platform that complies with local Japanese regulations. Users on the global platform have the opportunity to transition to Binance Japan through a new identity verification process, which will commence on August 1. By December 1, the transition will be complete, enabling users to utilize the new platform. However, users must undergo the Know Your Customer (KYC) procedure to access all features, including depositing, staking, and other activities. Those who fail to complete the KYC process will have limited access, allowing them to withdraw their assets only.

Despite facing regulatory challenges in various jurisdictions such as Australia, the United States, and the United Kingdom, Binance remains committed to its global expansion plans. The scrutiny intensified after the FTX mayhem, leading to actions by Australian market regulators and investigations by the United States Department of Justice and the US Securities and Exchange Commission (SEC).

Disclaimer: The information provided in this research report is for informational purposes only and should not be interpreted as financial or investment advice. The NFT and cryptocurrency market is highly volatile, and readers should conduct thorough research before making any investment decisions.