•Binance is preparing to enter the Japanese market in June 2023 after acquiring Sakura Exchange Bitcoin (SEBC).
•SEBC exchange users must withdraw their funds before May 28, and customers will have to undergo new identity verification and Know Your Customer checks for Binance Japan.
•Binance is committed to complying with local regulations in Japan and providing improved services to its users.
Binance Acquires SEBC Exchange Platform
Binance has decided to make a comeback in the Japanese crypto market after it acquired Sakura Exchange Bitcoin (SEBC), a regulated crypto exchange platform licensed by the Japan Financial Services Agency in November 2022. On Friday, a notice was published stating that Binance is preparing to commence operations in the Japanese market in June 2023. The notice says that SEBC’s current services will end on May 31, and a new service called “Binance Japan” will be launched in June 2023.
Deadline for Withdrawal of Funds
SEBC exchange users must withdraw their funds before May 28, which is the given deadline. If any funds remain in the account after the deadline, they will be converted to Japanese yen at the prevailing conversion rate as of June and refunded to the user’s registered bank account.
Identity Verification Process
In order to use Binance Japan, customers are required to go through a separate application process, even if they already have an account with Sakura Exchange Bitcoin. This means that customers need to submit all necessary information for account opening and undergo reviews and identity verification again. The account opening information for Sakura Exchange Bitcoin is not transferred over to Binance Japan. This is important to ensure that all customers meet the necessary regulatory requirements for operating in Japan.
Commitment To Local Regulations
Binance says it is committed to complying with local regulations in Japan and providing improved services to its users. By doing so, Japan might take a leading role in the world of cryptocurrencies and contribute to creating a responsible global environment for digital assets.
Re-entry After 5 Year Hiatus
This marks Binance’s return into the Japanese market after five years of absence following legal disputes involving its former partner Tech Bureau Corp back 2018