Binance, the leading global cryptocurrency exchange, has unveiled the official opening date for its crypto exchange services in Japan. Binance Japan is set to launch in June, following the acquisition of Sakura Exchange Bitcoin Co. (SEBC) in November last year.
As part of the acquisition deal, SEBC will stop its intermediary services to domestic exchanges by May 28, 2023, and will instead offer services under the new name “Binance Japan (tentative name).” The closure of SEBC services is expected to happen on May 31, with all operations suspended until the official opening of Binance Japan.
Binance Japan has already been registered as a cryptocurrency exchange under the Japan Financial Services Agency (JFSA) and will offer its services to Japanese customers. The acquisition of SEBC has allowed Binance to comply with regulatory requirements and offer better services to its local users.
SEBC has advised its customers to “sell crypto assets” and “withdraw Japan yen” by the order application deadline if they hold assets in an SEBC account. Customers will need to reapply for account opening and go through the review process, including identity verification, once Binance Japan begins operations.
Binance has expressed its commitment to helping Japan take a leading role in the cryptocurrency industry and support a responsible global environment for cryptocurrencies.
