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.
- The popular crypto exchange has decided to sell its business in Russia to CommEX, a crypto exchange business that was officially launched on Tuesday.
- Binance noted that it will fully exit the Russian market, and have no ongoing revenue split or any option to buy back shares in the business.
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- The company said it will be suspending its crypto-backed debit card service in the Middle East on 25 August, and in Latin America by 21 September.
- Although no reason was given for the decision, the company noted that “less than 1% of users” in those regions will be affected by the change.
- A spokesperson said the change was due to the “changing market and user needs”, and that Binance will now be refocusing its resources on its main products and long-term goals.
- Launched in March 2022, Binance Connect helped crypto businesses connect with the traditional finance system, and supported 50 cryptocurrencies and networks such as Visa and Mastercard.