According to a report by Cointelegraph, cryptocurrency exchange Binance has started to establish a new fully regulated subsidiary in Japan, five years after exiting the Japanese market. Earlier, Binance acquired the regulated cryptocurrency trading platform Sakura Exchange Bitcoin (SEBC) in November 2022. As part of the trading, SEBC will stop its current services by May 31 and reopen in the coming weeks under the name Binance JaBlockingn, and Japanese users must register with the new entity. The migration will be available after August 1, 2023, and will include a new KYC verification process to comply with local requirements.
Binance previously revealed that from June, the remaining funds on the SEBC trading platform will be automatically converted to Japanese yen and transferred to users’ bank accounts. According to the notice on its website, the exchange will not offer derivative services in Japan.
Reference: https://cointelegraph.com/news/binance-kicks-off-transition-to-new-platform-in-jaBlockingn
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