Binance Re-Enters Japan With Sakura Exchange Purchase




  • In Business
  • 2022-11-30 09:01:42Z
  • By Bloomberg
 

(Bloomberg) -- Binance, the world's biggest cryptocurrency exchange, bought a Japan crypto exchange service provider to re-enter a market it said will play a "key role" in the future of cryptocurrency adoption.

Most Read from Bloomberg

  • Scientists Revive 48,500-Year-Old 'Zombie Virus' Buried in Ice

  • These Are the Best and Worst Cities for Expats to Live and Work In

  • Banks Stuck With $42 Billion Debt Seize Chance to Offload It

  • NYC Becomes One Billionaire Family's Haven From China Property Crash

  • This Is Where Luxury Property Prices May Rise and Fall the Most in 2023

The firm acquired 100% of Sakura Exchange BitCoin, paving the way for it to enter Japan as a regulated entity, Binance said in a statement on Wednesday. The purchase will give Binance its first license in East Asia, according to the statement.

Binance's acquisition comes amid turmoil in the digital assets industry in the aftermath of the collapse of rival FTX. The terms of the transaction were not disclosed.

"We will actively work with regulators to develop our combined exchange in a compliant way for local users," said Takeshi Chino, general manager of Binance Japan. "We are eager to help Japan take a leading role in crypto."

Binance's billionaire co-founder Changpeng "CZ" Zhao in 2018 ditched a plan to build a base in Japan, following inquiries from the securities regulator that led to an official notice to stop operating in the country without a license. It got a similar warning three years later for not complying with registration rules.

More recently, Japanese Prime Minister Fumio Kishida's agenda for reinvigorating the economy under the rubric of "New Capitalism" includes support for the growth of so-called web3 firms. The term refers to a vision of a decentralized internet built around blockchains, crypto's underlying technology.

Most Read from Bloomberg Businessweek

  • Car Price Divergence Hints at More Painful Inflation Ahead

  • Tesla's Lithium Lead at Risk as Rivals Make Supply Deals

  • How to Keep Your Investments Halal

  • TikTok's Viral Challenges Keep Luring Young Kids to Their Deaths

  • More Men Are Staying Out of the Workforce to Care for Kids

©2022 Bloomberg L.P.

COMMENTS

More Related News

Traders Face Geopolitical, Jobs Hurdles; Yen Drops: Markets Wrap
Traders Face Geopolitical, Jobs Hurdles; Yen Drops: Markets Wrap

(Bloomberg) -- Stocks in Asia were mixed as investors digested an unexpectedly strong US jobs report and the downing of an alleged Chinese spy balloon that's...

Goldman Moves Banker With Coveted Role to Lead Sales in Key Unit
Goldman Moves Banker With Coveted Role to Lead Sales in Key Unit

(Bloomberg) -- Goldman Sachs Group Inc. is moving a banker with one of the most high-profile investment-banking roles at the firm into a critical sales job...

Newmont Bids $17 Billion for Australian Gold Miner Newcrest
Newmont Bids $17 Billion for Australian Gold Miner Newcrest

(Bloomberg) -- Newmont Corp. made a provisional offer to acquire Australia's top gold miner Newcrest Mining Ltd. in what would be the biggest global takeover...

Amamiya Would Weigh on Yen, Be a Boost for Bonds, Analysts Say
Amamiya Would Weigh on Yen, Be a Boost for Bonds, Analysts Say

(Bloomberg) -- If reports are accurate and Masayoshi Amamiya becomes the next Bank of Japan governor, that would be bullish for bonds and weigh on the yen...

Factbox: Key dates to watch out for on BOJ policy, leadership change
Factbox: Key dates to watch out for on BOJ policy, leadership change

Japan's government is intensifying its search for a successor to central bank governor Haruhiko Kuroda, a choice that will affect how soon the Bank of Japan ...

Leave a Comment

Your email address will not be published. Required fields are marked with *

Cancel reply

Comments

Top News: Business