According to CEO Changpeng “CZ” Zhao, Binance, the world’s largest cryptocurrency exchange by trading volume, expects to relaunch its complete services in Japan in August. The move comes two years after the exchange was warned by the Financial Services Agency (FSA) for operating illegally in the country. With the acquisition of the regulated crypto exchange Sakura Exchange BitCoin (SEBC) in November 2022, Binance is now poised to re-enter the Japanese market under the interim moniker “Binance Japan.”
Binance’s intention to return to Japan is bolstered by its acquisition of SEBC, which opened the door for its full-service launch. The platform has established a more definite timeframe, naming August as the month for reintegration, as opposed to the previous recommendation of after June. This statement follows the termination of SEBC’s existing services on May 31, in preparation for the launch of “Binance Japan.”
CZ expressed his satisfaction about Japan’s leadership in the Web3 regulatory environment via video message at the Web3 conference “WebX,” held at the Tokyo International Forum. He complimented Japan’s position as a model for the rest of the globe, making the country an appealing market for Binance to return to. CZ attributed Binance’s re-entry into the Japanese crypto industry to the acquisition of SEBC.
Binance’s forthcoming launch of “Binance Japan” demonstrates the exchange’s commitment to providing its full array of crypto services to the Japanese market. As market conditions alter, the platform’s re-entry could be viewed as a strategic move in light of the recent withdrawals from Japan of two other large crypto exchanges, Coinbase and Kraken. While they cited “market conditions” as their reason for leaving, Binance sees an opportunity to expand its footprint in the country.