After receiving a warning from Japan's financial regulator two years ago, major cryptocurrency exchange Binance has now announced the establishment of a branch in Japan. The local cryptocurrency exchange, previously known as Sakura Exchange Bitcoin, has been launched under the name "Binance Japan," aiming to operate within the regulatory framework of the country. Binance revealed this move in an announcement on August 1. The exchange plans to offer spot trading for 34 tokens from the launch date and intends to begin migrating its global users to the platform starting August 14 .
Japan, where Binance CEO Changpeng Zhao briefly resided, serves as the cryptocurrency exchange's headquarters following its shift from China. However, back in 2018, Binance moved its operations to Malta after Japanese financial regulators raised concerns about its license status. The Japanese Financial Services Agency (FSA) had sent a letter to Binance in June 2021, cautioning against operating in the country without a proper license. At the time, a Binance spokesperson clarified that the company wasn't functioning as an exchange within Japan and wasn't actively seeking Japanese users.
Binance's acquisition of Sakura Exchange Bitcoin in November 2022 strongly indicates the exchange's intention to re-enter the Japanese cryptocurrency market in compliance with the required regulatory standards. The move aligns with the company's goal of fostering the growth of the Japanese digital asset market, while also reflecting its increasing interest in blockchain technology. Although Japanese Prime Minister Fumio Kishida has expressed support for advancing Web3 innovation in the country, other cryptocurrency exchanges like Kraken and Coinbase have announced their plans to exit the Japanese mark et due to prevailing market conditions.
