• Binance, the world’s largest cryptocurrency exchange, has announced the official opening date for its crypto exchange services in Japan.
• SEBC announced plans to terminate its intermediary service to domestic exchanges by May 28, 2023 and launch a new service named “Binance Japan”.
• Customers will have to reapply for account opening and undergo the review process when Binance Japan begins operations.
Binance Takes On Japan: Official Launch Date Revealed
Binance, the world’s largest cryptocurrency exchange, has announced the official opening date for its crypto exchange services in Japan. The new exchange is set to open after June 23 following the acquisition of Sakura Exchange Bitcoin Co. (SEBC) in November of last year.
End of SEBC’s Services
SEBC recently announced plans to terminate its intermediary service to domestic exchanges by May 28, 2023 and launch a new service named “Binance Japan (tentative name)”. All services will be suspended until the opening of Binance Japan on May 31.
Asset Withdrawal & Account Opening
SEBC has informed users to “sell crypto assets” and “withdraw Japanese yen” by the order application deadline if they hold assets in an SEBC account. If not completed by then, it will be exchanged for Japanese yen at the rate of June 2023 and refunded to a bank account by June 5th. Customers will have to reapply for account opening and undergo identity verification when Binance Japan begins operations.
Details of Application
The table below outlines details regarding order request deadlines, estimated order execution dates and deposits/withdrawals for customers holding assets in an SEBC account:
Order Request Deadline Date & Time Estimated Order Execution Date Japan Yen Deposit Crypto Deposits Buying Crypto Selling Crypto Assets Withdrawal of Japanese Yen Sunday, April 4 30 am May 5 (Mon) May 5 (Tue) Monday, May 5 1am Friday, May 5 26am Friday, May 5 Sunday 28pm Monday
Crypto Adoption In Japan
Japan has seen a rise in crypto adoption due to regulatory easing measures taken by Prime Minister Fumio Kishida who is keen on making sure that cryptocurrencies play an important role within his country’s economy moving forward.
