April 21, 2024

Binance Exchange Launches in Japan

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Binance Exchange Launches in Japan

Binance, the largest cryptocurrency exchange, will start operating in Japan after June this year under the name Binance Japan.

In November last year, Binance acquired the Sakura Exchange BitCoin (SEBC) crypto exchange.SEBC currently supports 11 trading pairs: BTC/JPY, ETH/JPY, BCH/JPY, XRP/JPY, LTC/JPY, ETC/JPY, XEM/JPY, MONA/JPY, ADA/JPY, XYM/JPY and COT/JPY.

Existing services on SEBC will be discontinued on May 31, and the new service, temporarily called Binance Japan, will belaunched after June 2023. 

In addition, customers must re-apply for account opening and identity verification.Account opening information for SEBC does not carry over to the new Binance Japan.

The bar is high in Japanregulation for cryptocurrency exchanges. The regulator requires the separation of client and exchange assets. In addition, listing tokens on exchanges requires verification by the Japan Virtual Currency Exchange Association (JVCEA).

In November, Binance said it was committed to full compliance with Japanese regulators.