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The largest cryptocurrency exchange Binance will start operating in Japan after June of this year under the name Binance Japan.
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Last November, Binance acquiredcrypto exchange Sakura Exchange BitCoin (SEBC). 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 terminated on May 31, and a new service, temporarily named Binance Japan, will be launched after June 2023.
In addition, customers must re-apply for account opening and identity verification. Account opening information for SEBC is not transferred to the new Binance Japan.
Japan has a high regulatory barfor cryptocurrency exchanges. The regulator requires the separation of client and exchange assets. In addition, the listing of tokens on exchanges requires verification by the Japan Virtual Currency Exchange Association (JVCEA).
In November, Binance representatives stated that they are committed to full compliance with the requirements of Japanese regulators.