Binance Japan is expected to commence operations in June after the acquisition of Sakura Exchange Bitcoin in November last year, indicating Binance’s desire to re-enter the Japanese market.
Sakura Exchange Acquisition
Users of Sakura Exchange are required to sell their cryptocurrencies until 11:59:59 PM on May 25 and register for withdrawals before 10 AM on May 28. After the deadline, the assets will be automatically converted into Japanese yen and refunded to the registered bank account.
Former Sakura Exchange users will need to create a new Binance account in order to continue using the service.
In the previous announcement, starting from November 30, 2022, at 08:00 (UTC), Binance will no longer accept new user registrations from Japan as the company strives to comply with local regulations. However, existing users will not be affected by this change and can continue to use Binance.com products and services.
Binance Japan’s Vision
Binance is committed to promoting the growth of the blockchain and digital asset industry in Japan by creating a sustainable ecosystem. The company hopes that these efforts will benefit the local market in the long term. Binance will release a future announcement to update users on when new user registrations will reopen.
On the other hand, crypto exchanges in Japan are subject to strict regulatory requirements, including the separation of customer and exchange assets, the storage of most exchange assets in cold wallets, and the use of Japanese trust companies or banks to hold customers’ fiat.
Binance has received a warning from Japan’s financial authorities in the past for operating in the country without proper authorization.