Binance to Begin Operations in Japan After June
- There is still no official date for when Binance will re-enter the Japanese market, but Sakura Exchange BitCoin (SEBC) will close doors on 31 May, and reopen as Binance Japan sometime after June.
- Customers in Japan who wished to continue using the exchange under the Binance name will have to undergo new identity verification and KYC checks.
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Popular cryptocurrency exchange Binance is set to make its return to the Japanese market and begin operations sometime after June 2023, local news outlet Coinpost reported on 28 April.
According to the publication, Japanese regulated crypto exchange Sakura Exchange BitCoin (SEBC) — which was acquired by Binance last year — will be terminating all of its current crypto services on 31 May. While there was no announcement of an official launch date, a SEBC customer notice revealed that it will reopen under the provisional name of “Binance Japan” sometime after June 2023.
The SEBC exchange advised its users to withdraw their crypto assets before 28 May, as any funds that remain after that deadline will be automatically converted into Japanese yen, and transferred to users’ bank accounts by 5 June. Those who wish to continue using the exchange under the Binance name will have to once again undergo identity verification and Know-Your-Customer (KYC) checks after it reopens.
Binance’s return to the Asian country comes almost five years after it shut down its operations and plans for headquarters in Japan after receiving a notice from the Financial Services Agency (FCA) for operating without a license. While it had troubles with the regulator in the past, Binance decided to re-enter the market through the acquisition of the FCA-licensed SEBC exchange.
- Users of Binance NFT can now use select blue-chip NFT collections as collateral to take out cryptocurrency loans.
- The platform will initially support only loans in ETH, and NFT collections Bored Ape Yacht Club, Mutant Ape Yacht Club, Azuki, and Doodles.
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- The Securities Commission Malaysia ordered Huobi Global to stop all of its activities in the country as it was not registered with the regulator, and was operating illegally.
- The exchange was also directed to disable its website and mobile applications, as well as cease all advertising of its products and services in the country.
- The crypto exchange blamed the issue on a decision made by its third party payments provider in Australia, noting that it is now looking for a new partner in the country.
- Binance Australia assured users that AUD withdrawals are still available, and that they can continue to buy and sell crypto using debit/credit cards and its P2P marketplace.