Cryptocurrency exchange Binance has acquired 100% of Sakura Exchange BitCoin (SEBC), a Japanese-licensed crypto service provider, in an effort to come back to Japanese market.
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Although the price of the deal wasn't disclosed, Takeshi Chino, general manager of Binance Japan, said that the exchange will work with regulators to "develop our combined exchange in a compliant way for local users."
Founded in 2017, SEBC supports 11 trading pairs, including BTC/JPY and ETH/JPY. The Tokyo-based exchange is also a Japan Financial Services Agency (JFSA) regulated entity, which means Binance will likely strengthen its presence in the region.
The move comes after The Japan Virtual and Crypto assets Exchange Association started looking into weakening requirements for the local digital tokens so that it would be easier for cryptocurrency exchanges to list them.
According to reports, the association wants to allow trading platforms to list tokens without wasting time on a screening process if the tokens are not new to Japan's market. The change is expected to be made as early as December this year.
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