Binance has bought Japanese crypto company Sakura Exchange BitCoin as the world’s largest crypto exchange makes a fresh bid to enter Japan a year after it was warned by regulators about its unauthorised activities there.
The deal allows Binance, which is owned by entrepreneur Changpeng Zhao, to re-enter the Japanese crypto market through an entity licensed with the country’s Financial Services Agency.
The deal follows a series of regulatory controversies for Binance in Japan. In June 2021, regulators warned the exchange that it was conducting unauthorised trade with customers in the country. It marked a second warning from the authorities, which reprimanded the crypto exchange in 2018 for the same activity.
Binance’s acquisition of Sakura comes amid heightened scrutiny on the sector following the rapid collapse of rival exchange FTX, the shockwaves from which are rippling through the industry.
Sakura is authorised in Japan and offers 11 token trading pairs.
The terms of the transaction were not disclosed.