Binance enters Japanese market with Sakura Exchange BitCoin deal


FILE PHOTO: Smartphone with displayed Binance logo and representation of cryptocurrencies placed on a keyboard in this illustration taken November 8, 2022. REUTERS/Dado Ruvic/Illustration/File Photo

(Reuters) - Cryptocurrency exchange operator Binance said on Wednesday it acquired Sakura Exchange BitCoin (SEBC), a crypto exchange service registered in Japan, to expand into the Asian country.

The terms of the transaction were not disclosed by Binance.

Through the acquisition, Binance will be able to operate in the Japanese market as an entity regulated by the Japan Financial Services Agency (JFSA).

Takeshi Chino, general manager of Binance Japan, said, "We will actively work with regulators to develop our combined exchange in a compliant way for local users."

(Reporting by Urvi Dugar in Bengaluru)

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