Crypto giant Binance has made its debut in Japan with the acquisition of a Japanese crypto exchange named Sakura Exchange BitCoin (SEBC).
SEBC is a Tokyo-based crypto exchange registered with the Japan Financial Services Agency. It currency supports 11 trading pairs with cryptocurrencies against the Japanese yen including bitcoin BTCJPY, +2.64%, Ethereum , Bitcoin Cash, Litecoin and MonaCoin.
The deal means the Cayman Islands-headquartered company will be able to offer Japanese-regulated services for the first time. It also marks its first license in East Asia.
Binance did not disclose the terms of the transaction.
“As one of the world’s leading economies with a highly-developed tech ecosystem, it’s already poised for strong blockchain uptake,” said Takeshi Chino, general manager of Binance Japan.
“We will actively work with regulators to develop our combined exchange in a compliant way for local users. We are eager to help Japan take a leading role in crypto,” he added.
“On top of our effort to prioritize user protection, Binance’s strong compliance system will contribute to building a more compliant atmosphere for users in Japan and help them access key crypto services needed for mass adoption in the future,” said Hitomi Yamamoto, CEO of SEBC.
Binance has been on an expansion drive lately, most notably from earlier this month, when it announced its intent to buy now collapsed exchange FTX, and pulled out of the deal just one day later.