Key point

• Despite stringent policies against crypto, Binance is taking expansion plans to the country

The world’s largest cryptocurrency exchange has announced plans to take its global expansion plans to Japan after confirming plans to open a new business named Binance Japan.

Binance, in its attempt to be one of the prominent participants in the Japanese market, took over a Japanese-based cryptocurrency exchange Sakura in November last year.

According to Binance, the existing services to the Japanese people will be terminated by May 31 and in June, the exchange will launch a new exchange under the name Binance Japan.

At a time, the financial regulators of Japan accused Binance of the illegal operation of a crypto exchange in the country, and the launch of Binance Japan formalized Binance’s operation in the country.

Japan has one of the strictest regulations for crypto firms; for Binance to commence operations in the country, certain regulatory requirements must be met, which include: segregating customers and the exchange assets, keeping customers’ funds (fiat currency) with a Japanese bank trust or trust company, and most of the assets should be kept in a cold wallet. 

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