Binance, the largest cryptocurrency exchange by trading volume, is set to launch its services in Japan in June through the locally acquired Sakura Exchange BitCoin (SEBC).
According to a notice published on Friday, SEBC will terminate its operations at the end of May and will start to offer crypto exchange services under the tentative branding of Binance Japan in June.
As such, the local Japanese exchange requested its customers to liquidate their cryptocurrency holdings and withdraw fiat to their bank accounts. Otherwise, the platform will automatically liquidate all crypto holdings on June 5 and return the money to customers’ linked bank accounts.
Unlike other exchanges, SEBC does not support the withdrawal of crypto assets from its exchange platform. It will also terminate all fiat and crypto deposits from the end of April. It currently supports trading with 11 trading pairs.
A Heavily Regulated Crypto Market
Binance bought 100 stakes in Sakura Exchange BitCoin last November, paving its way into the Japanese cryptocurrency market.
Japan is a heavily regulated market when it comes to offering cryptocurrencies
