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Binance Returns to Japan: SEBC Users Must Withdraw Funds Before May 28

• Binance is set to make a comeback in the Japanese crypto market after acquiring Sakura Exchange Bitcoin (SEBC).
• SEBC users must withdraw their funds before May 28 and will be refunded to their registered bank account.
• Binance Japan has been granted registration as a crypto exchange by the Japan Financial Services Agency (JFSA).

Binance Returns to Japan

Binance decided to make a comeback in the Japanese crypto market after it acquired Sakura Exchange Bitcoin (SEBC), a regulated crypto exchange platform licensed by the Japan Financial Services Agency in November 2022. On Friday, a notice was published stating that Binance is preparing to commence operations in the Japanese market in June 2023.

Deadline For SEBC Users

The notice says that SEBC’s current services will end on May 31, and a new service called “Binance Japan” will be launched in June 2023. No official launch date was announced in the SEBC notice. However, Binance Japan has been granted registration as a crypto exchange by the Japan Financial Services Agency (JFSA). At present, SEBC supports only 11 trading pairs because, in Japan, the process of listing tokens on exchanges requires extreme scrutiny by the Japan Virtual Currency Exchange Association.

Withdraw Funds Before Deadline

SEBC exchange users must withdraw their funds before May 28, which is the given deadline. If any funds remain in the account after the deadline, they will be converted to Japanese yen at the prevailing conversion rate as of June and refunded to the user’s registered bank account.

KYC Process For New Users

Binance Japan users will have to undergo new identity verification and Know Your Customer checks. To use Binance Japan, customers are required to go through a separate application process, even if they already have an account with Sakura Exchange Bitcoin. This means that customers need to submit all necessary information for account opening and undergo reviews and identity verification again. The account opening information for Sakura Exchange Bitcoin is not transferred over to Binance Japan.

Compliance With Local Regulations

Binance says it is committed to complying with local regulations in Japan and providing improved services to its users. By doing so, Japan might take a leading role in the world of cryptocurrencies and contribute