Binance is getting back into the Japanese crypto market.
The world's largest crypto exchange by total volume announced that it had acquired crypto exchange Sakura Exchange BitCoin (SEBC). As SEBC is already regulated by Japan's Financial Services Agency (FSA), the acquisition will allow Binance to reenter the country.
The amount of the acquisition was not disclosed. "Having carried out a significant due diligence process in Japan, we believe SEBC shares our vision for the Japanese market," a Binance spokesperson told Decrypt via email.
The spokesperson said that the country will "play a key role" in the continued adoption of crypto given the size of its economy and its "huge potential in the emerging Web3 industry."
(by Liam J. Kelly)
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