Binance Japan Launches: Get Ready for the Crypto Revolution!

Binance Japan Launches: Get Ready for the Crypto Revolution!

written by John Murphy | April 28, 2023

According to recent news about Binance Japan, the world’s largest crypto exchange Binance gained 100% of Japan-based crypto exchange Sakura Exchange Bitcoin Co. It entered the Japanese market in November last year.  

Now for Japanese customers, Binance Japan is opening its crypto exchange operations in June, Sakura Bitcoin said on Friday.

Key Takeaways:

  • Binance acquired Sakura Exchange Bitcoin Co. and will launch Binance Japan’s crypto exchange operations on June 23, 2023.
  • Sakura Exchange Bitcoin will stop services on May 31, and all assets after that date will convert to JPY and be reimbursed to registered customers.
  • Customers must apply for a new account and undergo identity verification for Binance Japan as account information will not be transferred.
  • Japan has relaxed regulations to strengthen its economy through crypto, and Binance Japan’s launch will contribute to its global role in cryptocurrencies.
  • FTX Japan remains operational despite FTX’s collapse, highlighting regulatory compliance and investor protection in Japan.

Psquare Daily took to Twitter and made an announcement that in Japan. Binance Japan is officially opening its Crypto exchange services. This opening initiates after the acquisition of Sakura Exchange Bitcoin

In an announcement on 28 April, the Crypto exchange Sakura Exchange said it would stop its brokerage services and crypto exchange in May. It will reopen as Binance Japan on 23 June. Under the Japan Financial Services Agency (JFSA), Binance Japan is now a registered crypto exchange.

According to the announcement, Sakura Exchange Bitcoin will end its services on 31 May. However, it suspends all the services until the opening of Binance Japan. The crypto assets of the users withdraw ahead of the given deadline.

Moreover, assets of crypto that are present in the account after the deadline convert to Japanese yen based on the conversion rate on 5 June. These assets are reimbursed to the bank accounts of registered customers.

CoinGape News took to Twitter and made an announcement that crypto exchange Binance initiated its services in the Japanese market.

Moreover, customers need to apply again to open an account and review identity verification at the time of use. The information regarding account opening for Sakura Exchange Bitcoin is not taking place over to the new Binance Japan. 

To actively comply with regulators, Binance should ensure better services for local users. It will cause Japan to play the main role in crypto and provide a global environment for cryptocurrencies.

After the continuous struggle of Prime Minister Fumio Kishida, Japan relaxed regulations to make easy crypto regulations for the economy of Japan get strength.

The Crypto Assets Exchange Association (JVCEA) and Japan Virtual made a listing of virtual coins and market entry easily. This listing is for many foreign companies and crypto exchanges, such as Binance.

Crypto Mak took to Twitter and announced the breaking news. Binance Japan officially announced the opening date of its services.

 However, After the collapse of FTX, FTX Japan remained operational, showing Japan’s regulatory landscape. It protects its investors. FTX Japan has planned that soon it will open operations.