Cryptocurrency platform Binance, which previously failed to comply with regulatory requirements to operate in Japan, is entering the Japanese market by acquiring Japanese cryptocurrency platform Sakura.
Binance, the world’s largest cryptocurrency platform, has acquired Japanese crypto platform Sakura to enter the Japanese market, which it believes will play an important role in the adoption of crypto. According to the statement from Binance, thanks to the acquisition, Binance will also receive its first license in the East Asia region. The terms of the purchase are unknown.
Takeshi Chino, Managing Director of Binance Japan, said, “We will work with regulators to develop our merging platforms in a way that suits local users. “We are eager to help Japan take a leading role in crypto.”
Changpeng Zhao, the CEO of Binance, canceled its plans to enter the Japanese market in 2018, after the country’s securities regulator requested that business be halted unless a license was obtained. Three years later, the platform received a similar warning of non-compliance with registration rules.
Japanese Prime Minister Fumio Kishida’s plan to stimulate the economy under the title of “New Capitalism” includes supporting the growth of web3 companies. Web3 uses the term for a decentralized internet built around blockchains, the technology underlying cryptocurrencies.