- SEBC will shut down its cryptocurrency exchange and brokerage services on May 31.
- New identity verification and KYC checks would need to be performed by users.
After acquiring the Japanese cryptocurrency exchange Sakura Exchange BitCoin (SEBC), Binance is ready to re-enter the Japanese market. In order to penetrate the Japanese cryptocurrency industry, Binance purchased the exchange in November 2022. The exchange is licensed by the Japan Financial Services Agency.
A local daily has confirmed that SEBC will shut down its cryptocurrency exchange and brokerage services on May 31 and relaunch as Binance Japan in June 2023. There was no formal release date specified in the SEBC announcement.
Customers of the SEBC exchange have till May 28 to get their money out of the system. After June 5th, any leftover balances will be converted to Japanese yen and withdrawn to customers’ bank accounts. New identity verification and Know Your Customer checks would need to be performed by Binance Japan users.
Entering Through Acquired Entities
Moreover, nearly five years after Binance’s initial attempt to obtain an independent license failed, the company is re-entering the Japanese market through an acquired entity. After warnings from banking officials in 2018, Binance was forced to shut down its activities in Japan.
Over a dozen countries have raised concerns about the leading cryptocurrency exchange’s compliance with local regulations. The trading platform, though, has patched things up with the authorities. Binance has reentered markets in numerous places where it was unable to do so independently by purchasing stakes in regulated firms.
Binance successfully reentered the Malaysian crypto industry before returning to Japan by obtaining a share in a licensed trading platform.
With an 18% stake in a Singapore-based stock exchange, the exchange made a comeback there. Similarly, the crypto platform partnered with Paysafe to get access to the United Kingdom’s sterling payment network despite being denied by authorities.
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