The world’s largest cryptocurrency exchange, Binance, is making headlines with its return to the Japanese market. CEO Changpeng “CZ” Zhao announced that Binance plans to launch its full service in Japan in August.
This decision comes after two years of being warned by the Financial Services Agency (FSA) for operating without permission.
What’s interesting is that Japan is being recognized as a leader in the Web3 regulatory environment.
Zhao praised Japan’s approach and sees it as an example for the rest of the world to follow. He believes that the country’s regulatory environment is favorable for crypto businesses.
Binance’s re-entry into Japan became possible through its acquisition of the regulated crypto exchange Sakura Exchange BitCoin (SEBC) in November 2022.
The existing services on SEBC were terminated on May 31, paving the way for the new service under the provisional name “Binance Japan.”
This development is significant, especially since other crypto exchanges like Coinbase and Kraken recently withdrew from Japan, citing “market conditions” as the reason.
Binance’s return signals confidence in the Japanese market and shows that they are committed to complying with regulations this time.
Overall, the cryptocurrency industry is closely watching Binance’s move, and it will be interesting to see how their full-service launch unfolds in August.