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.