Binance, a cryptocurrency exchange, has announced plans to re-enter the Japanese market after recently acquiring 100% ownership of a licensed cryptocurrency service provider in the country.
The CEO of Binance, Changpeng Zhao, said on November 30 in an official public declaration that the cryptocurrency exchange was ready to re-enter the Japanese market in compliance with the applicable regulations. After an absence of four years in the Japanese market, global exchanges would make their return with the purchase of Sakura Exchange BitCoin (SEBC), a company that has a licence issued by the Japan Financial Services Agency.
After receiving a warning from the FSA for doing business without a licence, Binance was forced to cease its activities and has announced its intention to establish a headquarters in Japan in 2018. In 2021, the Japanese government issued a second warning to the cryptocurrency exchange over the same concerns.
It is not remarkable for Binance to purchase a regulated company in order to join a cryptocurrency market in which the company has had difficulty independently acquiring a license. Binance was able to get back into the Malaysian market before by buying a share in a company that was regulated.
In a similar manner, the exchange re-entered the market in Singapore by purchasing an 18% interest in a stock exchange that is regulated. After being denied access to the same network by the authorities, the cryptocurrency exchange was eventually able to get access to the sterling payment network in the United Kingdom via a partnership with Paysafe.
Japan is widely regarded as one of the pioneering countries of the cryptocurrency industry due to its early adoption of regulations governing the trade of digital assets. Even though Japan is known for being strict, its approach to cryptocurrency laws was generally praised. In fact, members of the G20 contacted Japan about global crypto standards.
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