Binance intends to return to the Japanese digital asset market by the end of the summer, Changpeng Zhao, the platform’s CEO, has said during the WebX conference, Bloomberg has reported. The company last year acquired the Sakura Exchange BitCoin (SEBC) trading platform, which is registered with Japan’s Financial Services Agency (FSA).
Binance Japan general manager Takeshi Chino has announced that the company intends to cooperate with regulators and develop the exchange in accordance with local requirements.
The platform was originally scheduled to go live on May 31. Its users will reportedly have access to up to 30 cryptocurrencies for spot trading. Chino has admitted that the platform plans to add stablecoins. Last June 1, the law on “stable cryptocurrencies”, which are recognized as “digital money”, came into force.
The FSA issued in 2018 a warning to Binance about the need to obtain a license in order to continue operating in the country. At the same time, the regulator strengthened the risk verification process when opening new cryptocurrency exchanges. Two years later, Binance decided to restrict Japanese users’ access to the platform.