Summary:
- Changpeng Zhao’s company bought Sakura Exchange BitCoin, a regulated crypto exchange in Japan.
- Binance’s acquisition means the country runs a business in Japan for the first time since 2018.
- CZ’s exchange sought a crypto license in the region, as EWN reported earlier in September 2022.
Binance acquired trading platform Sakura Exchange BitCoin (SEBC) for an undisclosed amount as Changpeng Zhao’s company continued global expansion through the 2022 bear market. SEBC was a local crypto exchange licensed by Japan’s Financial Services Agency (FSA).
The news announced on Wednesday via a blog post means that Binance regained a presence in Japan for the first time since 2018. At the time, CZ’s exchange was forced to exit the Asian giant due to regulatory pressure.
Japan is yet another jurisdiction where the leading crypto exchange has managed to set up shop. Binance secured several crypto licenses across Europe and the Middle East. Indeed, the exchanger leader received approval to do business in G7 nations like France and Italy as well as other European marketplaces like Spain.
CZ’s company also boasts operations in Abu Dhabi, Bahrain, Cyprus, Dubai, and Kazakhstan to name a few.
Binance returns to Japan at the turn of the tide
Ethereum World News reported in September that Binance engaged local regulators for a crypto license. The reports emerged shortly after Prime Minister Fumio Kishida laid out plans to develop crypto-friendly policies and incentivize growth within Japan’s digital asset ecosystem.
The Japan Virtual and Crypto assets Exchange Association (JVCEA) already reviewed its token listing policies, reportedly on Prime Minister Kishida’s directives.