Binance re-enters the Japanese markets a year after it was warned by regulators about its unauthorized activities. The world’s largest crypto exchange, owned by Changpeng Zhao, announced that it had acquired 100% of Sakura Exchange BitCoin (SEBC), the Japanese-registered crypto exchange service provider. Through this acquisition, Binance addresses the Japanese market with an entity regulated by the Financial Services Agency (FSA).
The terms of the transaction were not disclosed. The Japanese regulator FSA told the Financial Times that Binance did not require regulatory approval to acquire Sakura, but a spokesperson for the watchdog said it would monitor whether any change in shareholder structure led to changes in internal controls and systems that would impact the company’s legal compliance.
Binance has secured regulatory approvals or authorizations in France, Italy, Spain, Bahrain, Abu Dhabi, Dubai, New Zealand, Kazakhstan, Poland, Lithuania, and Cyprus. The acquisition of SEBC marks Binance’s first license in East Asia.