Binance, a cryptocurrency exchange, entered the Japanese market by purchasing a 100% share in Sakura Exchange BitCoin (SEBC), a Japanese crypto exchange business. Binance CEO Changpeng Zhao said on Twitter on November 30 that the company was dedicated to entering Japan in accordance with regulatory requirements.
Binance has re-entered the Japanese market after a four-year absence. After receiving a Financial Services Agency (FSA) notice for operating without a licence, Binance was forced to stop its activities and create a new office in Japan in 2018.
Binance received a similar warning from the FSA in 2021, accusing the business of providing crypto exchange services nationwide without registration. Binance has taken a similar step to join the cryptocurrency industry by purchasing a regulated firm.
Also read: Brazilian Regulators Approves Crypto Payment Bill
They re-entered the Malaysian market in May after purchasing a share in MX Global, the country’s licenced digital asset trading platform. Similarly, Binance purchased a stake in a local private securities exchange, Hg Exchange (HGX), last year in order to re-enter the Singapore market.
Frequent Screening of Binance
Several authorities in Singapore, the United States, the United Kingdom, and Japan were looking into Binance. The Financial Conduct Authority (FCA) declared last year that Binance would be barred from performing any regulated activity in the United Kingdom, noting that Binance was not permitted to operate as a crypto firm in the nation.
Singapore’s Monetary Authority Services (MAS) chose to assess Binance’s application for a licence to conduct digital payment token services before it bought a share in Hg Exchange. MAS said Binance might continue to operate in Singapore while its application is being reviewed. However, the agency said that it would conduct a thorough evaluation of Binance’s application.
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