‘Binance JAPAN’ to Debut in June 2023

Sahana Kiran
Source – Unsplash

Binance, the world’s largest exchange has had expansion on its cards for quite some time now. The exchange has been veering into several regions across the globe over the last couple of years. More recently, it was brought to light that the firm would be entering the Japanese market once again.

Sakura Exchange BitCoin [SEBC], a platform previously acquired by Binance announced that it intends to roll out a new service. The exchange is hoping to launch Binance JAPAN after June. However, it is yet to share the official date of the release along with other details. The platform’s name, Binance JAPAN, is also considered a provisional name.

Additionally, the information submitted while creating an account with SEBC won’t be transmitted when operating on Binance JAPAN. A new application will be required for account opening, review, and identification verification while setting up an account at Binance JAPAN.

Here’s what will happen to SEBC

Back in November 2022, the CZ-led exchange revealed that it had acquired 100% of SEBC. While Binance isn’t a regulated entity in the region, SEBC was approved by the Japan Financial Services Agency [JFSA]. Because of this, the exchange wasn’t allowed to open new accounts for Japanese citizens. Even now, June is considered to be tentative for launch as the firm is yet to garner a green signal from Japanese regulators.

Therefore, on May 31, 2023, SEBC will stop providing brokerage services for domestic exchanges. Users were urged to sell their crypto holdings and withdraw Japanese yen instead. Additionally, if the deadline for the sale of crypto assets is not met, the funds will be converted into Japanese yen on June 5 and returned to the bank account by June 14 at that rate. Furthermore, it is stated that no reimbursement would be given if the balance amount is less than the 770 yen withdrawal cost.