Binance (CRYPTO: BNB) is set to launch in Japan.
The cryptocurrency exchange will terminate existing services on Sakura Exchange BitCoin (SEBC), which it acquired in November, by May 31. The new service will launch under the name “Binance Japan” after June.
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The Japan Virtual Currency Exchange Association will need to vet Binance before any tokens are listed. Given Japan’s high regulatory standards for cryptocurrency exchanges, Binance will need to comply with a number of those requirements, including:
- Segregation of customer and exchange assets
- Keeping most exchange assets in cold wallets
- And keeping customers’ fiat by a Japanese trust company or bank trust.
Japan’s financial authorities previously warned that Binance was operating in the country without permission, making compliance with these regulations even more critical for the exchange’s success in the market.
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Image by Sofia Terzoni from Pixabay
