The post Binance Takes On Japan: Official Launch Date Finally Revealed! appeared first on Coinpedia Fintech News
Binance, the world’s largest cryptocurrency exchange, has announced the official opening date for its crypto exchange services in Japan. Binance Japan is set to open in June, following the acquisition of Sakura Exchange Bitcoin Co. (SEBC) in November of last year.
End of SEBC’s services
On April 4, SEBC announced its plans to terminate its intermediary service to domestic exchanges by May 28, 2023, and launch a new service named “Binance Japan (tentative name)”. It has now been revealed that the SEBC service will end on May 31, with all services being suspended until the opening of Binance Japan.
Binance Japan Launch
The new exchange will officially open after June 23. Binance Japan is a registered crypto exchange under the Japan Financial Services Agency (JFSA) and will offer services to Japanese customers. The acquisition of SEBC allowed Binance to comply with regulations and offer better services to local users. Binance has also expressed its willingness to help Japan take a leading role in crypto and support a responsible global environment for cryptocurrencies.
Asset Withdrawal & Account Opening
SEBC has informed users to “sell crypto assets” and “withdraw Japan yen” by the order application deadline if they hold assets in an SEBC account. If the sale of the crypto asset is not completed by the deadline, it will be exchanged for Japanese yen at the rate of June 2023 and refunded to the bank account by June 5. Customers will have to reapply for account opening and undergo the review process, including identity verification, when Binance Japan begins operations.
|Details of application||Order request deadline date and time||Estimated order execution date|
|Japan yen deposit||Sunday, April 4, 30 a.m.||May 5 (Mon)|
|Crypto Deposits||Sunday, April 4, 30 a.m.||May 5 (Tue)|
|Buying crypto||Monday, May 5, 1 a.m.||May 5 (Mon)|
|Selling Crypto Assets||Friday, May 5, 26 a.m.||Friday, May 5|
|Withdrawal of Japan yen||Sunday, May 5, 28 p.m.||May 5 (Mon)|
Crypto Adoption in Japan
Japan has seen a rise in crypto adoption due to the easing of regulatory burdens. Prime Minister Fumio Kishida has made continuous efforts to ease crypto regulations to strengthen Japan’s economy. The Japan Virtual and Crypto Assets Exchange Association (JVCEA) has also eased the listing of virtual coins and market entry for foreign companies and crypto exchanges such as Binance. FTX Japan remained operational following the collapse of FTX, showing the strong regulatory landscape in Japan to protect investors. FTX Japan is planning to open operations soon.