• Binance has acquired Sakura Exchange Bitcoin (SEBC), a regulated crypto exchange platform in Japan and is preparing to launch its own “Binance Japan” service in June 2023.
• SEBC users must withdraw their funds before May 28, 2021 and new customers need to go through identity verification and KYC checks.
• By complying with local regulations in Japan, Binance is hoping to lead the world of crypto and create a responsible global environment for digital assets.
Binance Acquires SEBC Crypto Exchange
Binance has recently acquired Sakura Exchange Bitcoin (SEBC), a Japanese crypto exchange platform licensed by the country’s Financial Services Agency. The acquisition will help Binance re-enter the Japanese market after a 5-year hiatus, with plans to launch its own “Binance Japan” service in June 2023.
Withdrawal Deadline for SEBC Users
SEBC users must withdraw their funds before May 28, 2021 or risk having them converted into Japanese yen at the prevailing conversion rate as of June 1st. After this date, all account data from SEBC will be transferred over to Binance Japan so that customers can access their accounts on the new platform.
Identity Verification Requirements
In order to use Binance Japan, customers are required to go through a separate application process even if they already have an account with Sakura Exchange Bitcoin. This includes submitting all necessary information for account opening and undergoing reviews and identity verification again as mandated by the JFSA regulations.
Creating A Responsible Crypto Environment
Binane is dedicated to complying with local regulations in Japan while providing improved services to its users. With this move, it hopes that Japanese authorities will take a leading role in developing the cryptocurrency industry and building an environment of responsibility around digital assets worldwide.
Conclusion
The acquisition of SEBC by Binance marks a major step forward towards establishing itself as one of the leading players in the global cryptocurrency markets – particularly within Asia’s largest economy: Japan. With clear compliance policies and customer protection measures being applied across both platforms, investors can rest assured that their funds are safe when dealing with either exchange giant.
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