Binance sets sail for Japan

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The company run by Changpeng Zhao (CZ)Binance, just announced its recent acquisition of Sakura Exchange Bitcoin, without specifying the financial details of the agreement. Created in 2017 in Osaka, the Japanese cryptocurrency exchange platform is certified by the Japanese financial authorities. It provides advisory services and allows its users to convert their yen, the Japanese national currency, into eleven cryptocurrencieswhose the Bitcoin and Ethereum.

A recognition of the Japanese authorities hoped for four years

The acquisition of this platform thus puts an end to a confused relationship between the Japanese authorities and the Changpeng Zhao company. For several years, Binance had repeatedly tried to to settle officially in Japan. Faced with repeated bankruptcies and the instability of the sector, the reluctance of financial regulators, the tightening of regulations, the company had to cease all activity on Japanese territory.

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But a recent change in posture by the Japanese government has become favorable to the company of CZ. Since coming to power in November 2021, Fumio KishidaJapanese Prime Minister, expressed his desire to develop a “new capitalism”. This term hides in particular increased investments in the Web3in order to integrate it into the growth strategy of the Japanese economy.

Binance’s internationalization strategy comes to fruition

An important political step has therefore been taken. From now on, Binance will be able to officially operate on Japanese territory by becoming an authority regulated by the Financial Services Agency (FSA).

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Takeshi Chinohead of Binance Japan, said “The Japanese market will play a key role in the future of cryptocurrency adoption. As one of the world’s leading economies with a highly developed tech ecosystem, it is already primed for strong blockchain adoption. »

This new step in Binance’s external growth is major, since it constitutes its first license in East Asia. In total, the platform holds authorizations to operate in a large number of countries, including “France, Italy, Spain, Bahrain, Abu Dhabi, Dubai, New Zealand, Kazakhstan, Poland, in Lithuania and Cyprus,” the statement lists.

While the cryptocurrency and decentralized finance sectors are rocked by repeated scandals (of which FTX occupies the first place in the media), Binance seems to maintain its paceagainst all odds.

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