Binance plans to launch a new Japanese cryptocurrency exchange Sakura Exchange Bitcoin (SEBC), in June. The current Sakura Exchange Bitcoin service will end on May 31. The company acquired Sakura Exchange in November last year and showed its willingness to enter Japan.
Binance Japan Exchange To Officially Launch In June
Individual users registering an account with SEBC will not be able to link their information to the existing Binance Japan exchange, requiring them to undergo the customer identification (KYC) process once more.
Sakura Exchange will discontinue its current Bitcoin service on May 31. Customers need to place a virtual currency sell order by 8:00 a.m. on May 26 (Friday) and complete a Japanese yen withdrawal process by 5:00 p.m. on May 28 (Sunday). Any remaining virtual currency in the account after the deadline will be converted to Japanese yen at the prevailing rate on June 5 and refunded to the registered bank account. The company seeks approval and business registration from the Financial Services Administration to operate as a crypto exchange.
In November of the previous year, Binance announced its intention to enter the Japanese market by acquiring SEBC, a Japanese-licensed cryptocurrency exchange. Currently, the international version of Binance has stopped accepting new user registrations in Japan.
Furthermore, it is uncertain whether Japanese users will have access to the global version even after Binance JAPAN launches, and if major Binance offerings, such as BNB, will be whitelisted in the future.
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