Binance is the world’s largest cryptocurrency exchange. Binance took its first step in 2017, under the leadership of Changpeng Zhao and Yi He. The firm was incorporated in the Cayman Islands, it was initially based in China but later moved out of China after the Chinese government imposed regulations on cryptocurrency trading.
It’s 2022, and the small steps have helped the company to spread its arms worldwide and they are reaching Japan, the Land of Rising Sun. Hoping for a new dawn in the crypto exchange market. Binance has acquired 100% stake in a legal crypto service provider in Japan.
On November 30, 2022, Changpeng Zhao, CEO of Binance, expressed that the crypto exchange has committed to re-entering the Japanese market. Sakura Exchange BitCoin, a Japan Financial Services Agency-licensed business acquisition, has provided an opportunity for Binance to re-enter the global exchange market of Japan. It marked the first licence in East Asia.
FSA notice on Binance for operating without a licence has led them to shut their operations in Japan. The strategy, strategy to acquire the regulated entity was not new for Binance. Binance has used the same strategy to reenter the Malaysian market. Similarly, it re-entered the Singapore market with an 18% stake in the regulated stock exchange on their hand.
But, this strategy has failed in the UK, so, they partnered with Paysafe to access the United Kingdom’s sterling payment network for their crypto exchange.
Japan was the first country to adopt trading regulations for cryptocurrencies. Citizens of Japan appreciated the cryptocurrency law well, and Japan was approached by G20 for global crypto guidelines
Recent regulatory policy easing in Japan has encouraged more cryptocurrency startups, allowed them to thrive, and made coin listings simpler.