Binance to open a cryptocurrency exchange in Japan in August

Binance will open a cryptocurrency exchange in Japan in August 2023

The company will introduce Japan-compliant services on the Sakura Exchange BitCoin crypto platform it bought in 2022

Binance will introduce a full range of services on its new crypto platform in Japan in August 2023, the crypto exchange's founder Changpeng Zhao said at a video conference in Tokyo on July 25, Bloomberg reported.

Binance bought Sakura Exchange's BitCoin platform in November 2022 and said in May this year that it was working to create a crypto exchange fully compliant with Japanese law.

Binance has taken a number of steps to expand its presence in Asia and elsewhere, particularly in South Korea and Thailand, the publication notes. That said, the world's largest cryptocurrency exchange is under scrutiny from regulators in several other jurisdictions around the world.

Also, Binance Japan general manager Takeshi Chino said during the conference that the company may possibly launch stablecoins in Japan.

Japan's Financial Services Agency (FSA) had earlier issued a warning to ByBit, MEXC, and two other crypto exchanges. Five cryptocurrency platforms - Binance, Bybit, MEXC Global, Bitget and Bitforex - are on the regulator's list of crypto exchanges operating in the country without proper registration.