- Binance to launch Japanese platform in August, according to CEO.
- Binance acquires Sakura Exchange BitCoin to represent them in Japan.
- Binance faces legal disputes with U.S. regulatory authorities.
According to a recent report by Bloomberg, Binance, the leading cryptocurrency exchange globally, is scheduled to commence operations on its Japanese platform in August. This announcement was made by the exchange’s CEO, Changpeng Zhao, during a conference held in Tokyo on Tuesday.
In May, Binance announced its plans to cater to Japanese users by launching a fully compliant platform that adheres to local regulations. This development came shortly after the acquisition of Sakura Exchange BitCoin (SEBC), a renowned crypto trading platform that will now serve as Binance’s representative in Japan.
Japan was among the nations that witnessed the imposition of early regulatory constraints on the crypto exchange. In 2018, Binance decided to cease operations in the country following allegations from its regulatory authority regarding non-compliance with established regulatory protocols.
The recent announcement indicates that Japanese users can anticipate gaining access to Binance services as early as August. However, it is important to note that existing users on Sakura may be required to undergo a fresh registration process on the platform.
The company is currently entangled in legal disputes with U.S. regulatory authorities in other developments. The U.S. Securities and Exchange Commission (SEC) recently alleged that the firm engaged in wash trading to boost trading volumes artificially. Before this, the regulator had sought a temporary restraining order from the court, aiming to freeze all funds held at Binance US.
However, the order was ultimately not implemented as the regulatory body and the exchange settled outside the court. According to the terms of the agreement, the branch’s assets and servers will now be exclusively managed by its team based in the United States.
Similarly, the U.S. Commodity Futures Trading Commission (CFTC) has initiated legal proceedings against Binance, asserting that the company had conducted a derivatives trading business within the United States. Furthermore, the CFTC claims Binance instructed its personnel to circumvent regulations by concealing their whereabouts.
