Binance, the world's largest cryptocurrency exchange by trading volume, is set to launch a new service in Japan after acquiring regulated crypto exchange Sakura Exchange BitCoin (SEBC) last year. The new service, provisionally named "Binance Japan," will launch after June 2023, following the termination of SEBC's existing services on May 31. Japan has a high regulatory bar for crypto exchanges, including segregation of customer and exchange assets, most exchange assets to be kept in cold wallets, and customers' fiat to be kept by a Japanese trust company or bank trust. Binance had previously received a warning from Japan's financial authorities for operating in the country without permission.
(By Lavender Au)
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