Binance has officially announced that it is all geared up to start its Japan operations from June. Binance acquired Sakura Exchange Bitcoin (SEBC) in November last year. All the existing services taking place on SEBC will be terminated by May 31 and the venture will be called as Binance Japan from June 1 onwards. Binance Japan is registered under the Japan Financial Services Agency (JFSA).
Existing Customers should Withdraw their Crypto Holdings
Existing customers with SEBC must withdraw their crypto holdings before May 31. For those who fail to do so, the crypto holdings in their account will be converted to Japanese Yen as per the applicable currency rate of June 5 and sent back to their respective bank accounts.
If the old customers want to have an account with Binance Japan, they must re-apply as the account opening information with SEBC will not be carried over to Binance. Binance is all set to comply with the Japanese laws pertaining to regulation and the company is also looking forward to providing support to Japan on being a leading cryptocurrency hub of the world.
Easing Regulations in Japan
Japan has relaxed the regulations for cryptocurrency to strengthen its economy and to be a global hub for the crypto and digital assets sector. It is all due to the effort of the country’s Prime Minister Fumio Kishida. Virtual coins market entry and listing rules for foreign companies were eased by the Japan Virtual and Crypto Assets Exchange Association (JVCEA). Due to these efforts, it became easier for Binance to start its operations in the country.
Even after FTX declared bankruptcy, their Japan branch was functional for some time. This demonstrates the strong regulatory policies of Japan.
