- Binance is set to roll out services to Japanese users in August.
- The firm will operate via Sakura, a company it earlier acquired in November 2022.
- The crypto exchange continues to face a slew of regulatory actions in the U.S.
The world’s largest cryptocurrency exchange, Binance, is set to begin operations on its Japanese platform in August, a Bloomberg report reveals. The exchange’s CEO, Changpeng Zhao, made this revelation at a conference in Tokyo on Tuesday.
Binance announced earlier in May that it would start providing services to Japanese users via a platform that is fully compliant with local regulations. This announcement was a follow-up to the exchange’s acquisition of Sakura Exchange BitCoin (SEBC), a crypto trading platform that will now represent Binance in Japan.
Japan was one of the countries where the crypto exchange faced some of its earliest regulatory restrictions. In 2018, Binance packed up its shop and left the country after its regulator accused the company of not following regulatory procedures.
With the latest announcement, Japanese users can expect to start having access to Binance services by August. However, existing users on Sakura may need to register freshly on the platform.
Elsewhere, the firm is embroiled in legal battles with U.S. regulators. On Monday, the U.S. Securities and Exchange Commission (SEC) accused the firm of wash trading to inflate trade volumes. Before that, the regulator had previously approached the court to impose a temporary restraining order on all funds deposited at Binance US.
However, the order never saw the light of day as the regulator and the exchange settled out of the court. Per the details of the agreement, all the branch’s assets and servers will be placed under the control of only its U.S.-based staff.
Likewise, the U.S. Commodity Futures Trading Commission (CFTC) has also commenced legal actions against Binance. In a new lawsuit, it alleges that the firm had operated a derivatives trading operation in the US. In addition, it also alleges that Binance directed its officials to evade restrictions by hiding their locations.
Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Coin Edition is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.
. Read more on CE.){kind=link}