Binance’s CEO, Changpeng “CZ” Zhao, has announced that the cryptocurrency exchange will start operating in Japan in August 2023. To prepare for this, the company has acquired 100% ownership of Sakura Exchange Bitcoin (SEBC), a cryptocurrency exchange platform based in Japan.
CZ made this announcement during a video presentation at the Web3 WebX conference held in Tokyo on July 25. He praised Japan for its clear legal environment, which has encouraged Binance to establish its platform in the country.
Binance had previously ceased its operations in Japan in 2018 after failing to obtain a license from the local regulatory authorities. However, after four years, the cryptocurrency platform has decided to re-enter the Japanese market.
To facilitate its re-launch, Binance has acquired Sakura Exchange Bitcoin (SEBC) to re-establish its presence in Japan as a fully regulated entity under the supervision of the Japanese Financial Services Agency (JFSA).
Global users will be able to switch to Binance Japan through a new identity verification process starting from August 1. Afterward, Binance will complete the user migration process to the Japanese branch before they can start using the new platform on December 1.
Users are required to complete the Know Your Customer (KYC) process; without this, they won’t have access to deposit, withdraw, or perform other activities on the new platform. Users who do not complete KYC will only have access to withdraw their assets.
Additionally, it’s worth noting that Binance Japan will not offer derivative services and will not accept new derivative accounts from users in Japan.