The exchange acquired Osaka-based Sakura Exchange BitCoin, a crypto exchange with full regulatory compliance
The world’s largest crypto exchange, Binance, is set to re-enter the Japanese crypto market four years after it exited the country following a fallout with local financial regulators.Binance acquired Sakura Exchange BitCoin, an Osaka-based crypto exchange that is registered with the Japanese Financial Services Agency . Binance’s 100% stake in the JVSA licensed local exchange will enable the exchange to enter Japan with full regulatory compliance.
Sakura Exchange BitCoin, headquartered in the Japanese city of Osaka, was set up in 2017 under the name Xtheta. Furthermore, data fromAccording to a“The Japanese market will play a key role in the future of cryptocurrency adoption. As one of the world’s leading economies with a highly-developed tech ecosystem, it’s already poised for strong blockchain uptake.
Sakura Exchange currently supports 11 trading pairs including BTC/JPY, ETH/JPY, BCH/JPY, XRP/JPY, LTC/JPY and ETC/JPY.the island nation back in 2018 after the Financial Services Agency ordered the exchange to suspend its operations in Japan. In a formal warning, the regulator alleged that Binance violated the country’s rules on fund settlement. This was because it did not have the necessary registration to operate in Japan.
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