Binance returns to Japan in June

The exchange plans to reactivate its services in Japan in June, through the SEBC-regulated cryptocurrency platform, since it does not have an independent license to operate in the country

Binance plans to reactivate its services in Japan next June through the regulated exchange Sakura Exchange BitCoin (SEBC), a platform that it bought in 2022.

Since the cryptocurrency exchange does not have an independent license to operate in the Asian country, it will do so through the SEBC.

The aforementioned platform does have authorization for legal operations, since it is registered with the Financial Services Agency of Japan (FSA).

According to an official statement replicated in the media about this return of Binance to the Japanese market, it is estimated that the SEBC “will finish its current exchange and brokerage services for digital assets before May 31 and a new service will be launched later with the provisional name Binance Japan.

However, it is presumed that the operations could start after 2023. At the moment, it is known that the users of the platform must withdraw the funds before May 28 and the remaining funds will be converted to yuan before June 5, to later be transferred to the bank accounts of the users.

Binance Japan could start trading with “a limited supply of just 11 trading pairs, which is what SEBC currently offers. If the company wishes to list other tokens, it will require vetting by the Virtual Currency Exchange Association of Japan,” according to CoinDesk.


Source: diariobitcoin

(Reference image source: Kanchanara, Unsplash)

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