Binance, a crypto exchange, has got into the process of creating a new and fully regulated subsidiary in Japan. The development happened post takeover of Sakura Exchange Bitcoin (SEBC), a regulated crypto exchange, in November, 2022, as stated by Cointelegraph.
According to Cointelegraph, SEBC will restart its operations as Binance Japan in next couple of weeks. From what it’s understood, the exchange’s users will have to complete registration with the new platform. Reportedly, the migration will begin after August 1, 2023, and will consist of a new identity validation method to fulfill local needs.
Based on Cointelegraph’s information, SEBC’s leftover funds will be converted into Japanese yen and sent to users’ bank accounts starting in June, 2023. Insights from the exchange’s website highlighted that it’ll not supply derivative facilities in Japan. Post June 9, 2023, Japanese residents availing services of the platform will not be able to add new options’ positions. It’s believed that pending orders will be canceled, and current positions will be shut down prior to June 23, 2023, along with Binance Leveraged Tokens being discontinued for trading.
“In the future, we plan to continue to enrich our service offerings in Japan and will work closely with regulators to possibly provide derivatives services in a fully compliant manner,” the company mentioned.
(With insights from Cointelegraph)
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