The cryptocurrency exchange has obtained its first license in East Asia, despite strict regulatory requirements in Japan.
The world’s largest cryptocurrency exchange, Binance, announced on Wednesday that it had obtained its first license in East Asia by acquiring officially recognized Japanese platform Sakura Exchange BitCoin, for an undisclosed sum.
“The Japanese market will play a key role in the future of cryptocurrency adoption,” as the country is a major global economic powerhouse and has a developed “tech” ecosystem,” Takeshi Chino, head of Binance, commented in a press release. Japan.
Collapse of Mount Gox
Binance had already tried to gain a foothold in Japan a few years ago, but had to give up at the time due to the requirements of local regulators. Japan has tightened its regulations on transactions in virtual currencies after it was rocked in 2014 by the collapse of Tokyo’s Mt. Gox bitcoin exchange after a hack.
The Binance platform has been making headlines for a few weeks now, accused by some of being responsible for this month’s sensational failure of its rival FTX, which rocked the global crypto-asset sector. Binance’s Chinese-Canadian boss Changpeng Zhao announced on Twitter his intention to offload FTX-issued FTT tokens, then vowed to buy this company amid the turmoil before changing his mind.
