January 27, 2023

Binance Acquires Japanese Crypto Exchange Sakura

Binance returns to the Japanese cryptocurrency market. The world's largest crypto exchange (by total volume) has announced acquisition of the Sakura Exchange BitCoin crypto exchange. Since this company is already regulated by the Japan Financial Services Agency (FSA), the acquisition will allow Binance to return to the country.

A Binance spokesperson said they believethat Sakura shares their vision for the Japanese market and that the country will play a key role” in the further adoption of crypto, given the size of its economy and its huge potential in an emerging industry.

This is not Binance's first foray into the Japanese market.

The FSA issued two warnings to the crypto exchange for operating in the country without a license.

The first happened in 2018, when the financialThe regulator warned that residents of Japan can use the exchange, despite the fact that Binance operates without a license. A similar warning was issued again in June 2021, despite claims in 2018 that the exchange had left the country.

In September of this year, Binance announced that it would attempt to return to Japan by formally applying for an operating license with the FSA.

Binance has been running permanentnegotiations with financial regulators. The company, which has repeatedly said it has no headquarters, has clashed with authorities in Malta, Malaysia, the Netherlands and the UK. Earlier this summer, the Dutch central bank fined a cryptocurrency exchange $3.3 million for operating in the country without a license.

However, Binance has received a warmer reception in a number of countries, with France, Spain, and Italy all endorsing the crypto exchange.