Binance Unveils Compliant Japan New Platform Amidst Global Expansion
In an announcement made via video at a conference in Tokyo on Tuesday, Binance CEO Changpeng Zhao (CZ) revealed that the cryptocurrency exchange giant is all set to introduce its comprehensive services on a new platform tailored specifically for Japan. The launch is scheduled for August this year, Bloomberg reported. This development follows Binance’s acquisition of Sakura Exchange BitCoin (SEBC), a cryptocurrency exchange service provider based in Japan, in November of the previous year.
The acquisition was a strategic move to establish its presence in the Japanese market while adhering to the regulations set forth by the Japan Financial Services Agency (JFSA). However, the terms of the deal were not publicly disclosed. In line with the company’s commitment to compliance, the exchange officially stated in May that it was developing a platform specifically designed to cater to the Japanese market while ensuring full adherence to local rules and regulations. As part of this initiative, it announced that it would discontinue its existing global platform’s services for Japanese residents, effective from November 30. Users currently operating on the global platform will be given the option to transition to the new local platform.