Binance, on Wednesday, acquired Sakura Exchange BitCoin (SEBC), a regulated Japanese crypto exchange, for an undisclosed amount.
What Happened: Binance said that it now enters the Japanese market, as a Japan Financial Services Agency (JFSA) regulated entity, according to a blogpost.
The acquisition of SEBC marks Binance's first license in East Asia. Binance has already secured regulatory approvals or authorizations in France, Italy, Spain, Bahrain, Abu Dhabi, Dubai, New Zealand, Kazakhstan, Poland and Lithuania, in addition to Japan.
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Takeshi Chino, Binance Japan's general manager, said the country will play a crucial role in cryptocurrency adoption in the future. “We will work with regulators to develop our exchange in a compliant manner for local users. We look forward to assisting Japan in leading the crypto space.”
Price Action: At the time of writing, apex crypto Bitcoin BTC/USD was trading at $16,873, up 2.34% in the last 24 hours, according to Benzinga Pro.
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