HomeNEWSBinance acquires Japanese exchange, Bitcoin

Binance acquires Japanese exchange, Bitcoin

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Popular crypto exchange, Binance has fully acquired Sakura exchange, Bitcoin (SEBC), the Japanese-registered crypto exchange service provider. This development was confirmed in a Twitter post by its CEO, Changpeng Zhao. More so, the exchange announced the acquisition in its Wednesday blog post, stressing that the acquisition paves the way for Binance to enter into the Japanese market.

Meanwhile, Binance, in its post, decided not to reveal the terms of the transaction. However, it affirms its commitment to offering Japanese-regulated services through SEBC. The exchange further maintained its mission to supporting a responsible global environment for cryptocurrencies.

Takeshi Chino, general manager of Binance Japan, said: “The Japanese market will play a key role in the future of cryptocurrency adoption. As one of the world’s leading economies with a highly-developed tech ecosystem, it’s already poised for strong blockchain uptake. We will actively work with regulators to develop our combined exchange in a compliant way for local users. We are eager to help Japan take a leading role in crypto.”

Also, Hitomi Yamamoto, CEO of SEBC, reacted to the development. Yamamoto expressed the honor and delight of the team to make this announcement with Binance, one of the world’s leading crypto asset exchange service providers. The CEO boasted that SEBC runs as an exchange which prioritizes user protection. Yamamoto believes Binance’s strong compliance system will contribute to building a more compliant atmosphere for users in Japan and help them access key crypto services needed for mass adoption in the future.

Binance aiming to buy more distressed assets

Following the worsening situations of the crypto sphere occasioned by the FTX crisis, Binance has promised to help struggling projects. Its CEO, in an interview with Bloomberg last Thursday highlighted his plans to help rejig the struggling industry. Zhao pledged at least $1 billion recovery funds for purchasing of distressed assets within the sphere. According to him, the rescue funds would possess a “loose structure” and will be publicly visible on the blockchain. This, as revealed by Zhao, tends to enable other industry players contribute to the initiative.

Remarkably, Binance launched the rescue funds in mid-november. Its CEO believes the recovery funds possesses the capacity to cushion the harsh effects of the FTX crisis on the sphere. Notably, the initiative received numerous accolades and supports from actors in the industry. For instance, Tron founder Justin Sun pledged the commitment of Tron, Huobi Global, and Poloniex to the recovery project. The founder emphasized the need for unity and building together to tackle the worsening crisis rocking the industry. Similarly, Huobi, in a separate statement, confirmed its support for the Binance recovery fund project.

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