Binance, the world’s largest crypto exchange by trading volume, is set to launch its full service in Japan in August, according to CEO Changpeng CZ Zhao. This comes two years after the Financial Services Agency (FSA) issued a warning to the platform for operating without permission.
The reentry was made possible by Binance’s acquisition of the regulated crypto exchange Sakura Exchange Bitcoin (SEBC) in November 2022. SEBC’s existing services will be terminated on May 31 and a new service under the provisional name Binance Japan will be launched.
It’s fantastic to see Japan being a leader in the Web3 regulatory environment… and I think it’s an example for the rest of the world to follow, Zhao said. And to that end, Binance is extremely happy to be able to participate in the Japanese market again, from the acquisition of the SEBC platform last November, and we were going to launch the full service in August.
Rival crypto exchanges Coinbase (COIN) and Kraken have recently withdrawn from Japan, citing market conditions as the reason.