Binance, the largest crypto exchange by trading volume, announced the launch of full services on its new Japanese platform in August. The announcement was made by Binance CEO Changpeng Zhao (CZ) at a conference in Tokyo. The move came nearly eight months after the company acquired crypto exchange service provider Sakura Exchange BitCoin (SEBC), regulated by Japan Financial Services Agency (JFSA), the country's financial market regulator. - The acquisition aimed to allow Binance to offer its crypto services in compliance with local regulations through an already registered crypto exchange.
- SEBC halted offering its crypto exchange and brokerage services in May, and its customers were given time until May 31 to withdraw their crypto assets.
- In April, the firm said the new platform would start its operations in June, though it had to delay the launch of all the services due to the regulatory conflicts it faced last month.
- During the conference, Binance's local general manager, Takeshi Chino, also stated that the company could launch stablecoins in Japan under the country's new stablecoin regulations that came into force on June 1.
- The new regulation allows licensed financial institutions, registered money transfer agents, and trust companies to issue stablecoins.
Over the last several months, Binance came under increased crackdown by regulators in different parts of the world, including the U.S., Australia, France, and Belgium. - Besides, the company recently withdrew from several markets in the West, including Canada, the Netherlands, Cyprus, and the U.K., mainly due to compliance issues.
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