Binance Purchases SEBC Exchange, and Set to Re-enter the Japanese Market

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Last Updated on November 30, 2022 by Bitfinsider

Binance, a cryptocurrency exchange, has reentered the Japanese market after buying a 100% interest in Sakura Exchange BitCoin (SEBC), a licensed exchange there.

Despite the stressful environment in the cryptocurrency industry following FTX’s collapse, which appears to be bringing BlockFi and other crypto companies down with it, Binance appears to be growing ever wider. Following Binance’s withdrawal from its intended FTX rescue plan because to problems with FTX’s financial book, SEBC was acquired a few weeks later.

Binance has been growing its company in a number of nations over the past few years as it establishes its dominance in the cryptocurrency industry. To date, Bahrain, Abu Dhabi, Dubai, New Zealand, Kazakhstan, Poland, Lithuania, Cyprus, France, Italy, Spain, and Bahrain have all granted the cryptocurrency exchange regulatory license.

The exchange enters East Asia for the first time with the purchase of Sakura Exchange BitCoin. The fact that SEBC is already a regulated organization is crucial since it indicates that Binance will be able to provide regulated services in Japan, a significant East Asian economy.

Takeshi Chino, general manager of Binance Japan, stated the following in a news release announcing the company’s acquisition of the Japanese exchange: “The Japanese market will play a key role in the future of cryptocurrency adoption. As one of the world’s leading economies with a highly-developed tech ecosystem, it’s already poised for strong blockchain uptake. We will actively work with regulators to develop our combined exchange in a compliant way for local users. We are eager to help Japan take a leading role in crypto.”

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