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Crypto Currently

Binance buys Japanese crypto exchange Sakura

Agence France-Presse
Binance buys Japanese crypto exchange Sakura
An illustration picture taken in London on December 30, 2021, shows a NFT (Non-Fungible Token) created by digital artist Zamblek named "Shambo NFT #84" on Binance NFT marketplace displayed on a mobile phone. Non-fungible tokens or NFTs are cryptographic assets stored on a blockchain with unique identification metadata that distinguish them from each other.
AFP/Justin Tallis

TOKYO, Japan — The world's largest cryptocurrency platform Binance on Wednesday announced its first license in East Asia with the acquisition of Japan's officially regulated Sakura Exchange BitCoin.

Binance has been in the spotlight since the dramatic collapse of rival platform FTX this month.

Changpeng Zhao, the Chinese-Canadian head of Binance, pledged last week to release an audit into his firm while rejecting claims he sparked the demise of FTX.

The terms of Binance's 100-percent purchase of the Tokyo-based Sakura Exchange BitCoin were not disclosed in a joint statement on Wednesday.

But Binance said it "aims to support a responsible global environment for cryptocurrencies" by offering Japanese-regulated services.

"The Japanese market will play a key role in the future of cryptocurrency adoption," Takeshi Chino, general manager of Binance Japan, said in a statement.

"We will actively work with regulators to develop our combined exchange in a compliant way for local users."

Japan has worked to strengthen its regulation of virtual currencies following the collapse of the Tokyo-based MtGox Bitcoin exchange in 2014.

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