Binance Brings New Services To Japan, Shuts Out North Korea

The well-known cryptocurrency exchange Binance has significantly increased its footprint in the Japanese industry. Sakura Exchange BitCoin, acquired by Binance, plans to launch the Binance JAPANrt service. This move comes after a recent report on the Japanese crypto exchange.

The Japan Financial Services Agency (JFSA) is responsible for overseeing this action. SEBC’s new service launch date is still undisclosed, but it will require users to undergo KYC procedures. The new service won’t transfer personal information from existing SEBC accounts.

Changpong Zhao, the CEO of Binance, acquired SEBC, which aided in the creation of a new management structure. However, Japanese citizens were unable to register for new accounts on the original Binance.

The importance of Binance JAPAN’s successful launch as a fully authorized and regulated crypto asset exchange increases. Users also eagerly await confirmation of the seamless continuation of international services following the launch and the potential inclusion of Binance’s main stocks, such as BNB, on the allowlist of traded assets.

SEBC is scheduled to conclude its current domestic exchange brokerage service on May 31. It has advised its customers to sell their crypto assets and withdraw any Japanese yen from their accounts before the stipulated deadline.

Binance Implements Robust Security Measures To Prevent North Korean Access

Meanwhile, Tigran Gambaryan, head of financial crime compliance, spoke at CoinDesk’s Consensus 2023 event. He revealed that the exchange had implemented measures to prevent North Koreans from accessing the platform. The popular crypto exchange has successfully implemented these measures.

According to Gambaryan, Binance’s measures have discouraged North Korean individuals from utilizing the exchange. He mentioned that they have been so effective in deterring them that they now understand Binance is unsuitable.

Gambaryan highlighted the substantial efforts of the 700-member compliance team to emphasize the exchange’s dedication to compliance. He said they respond to about 1,300 inquiries from law enforcement each week, demonstrating the exchange’s commitment to upholding a secure and regulated trading environment.

This information follows the recent imposition of penalties by the U.S. Treasury Department’s sanctioning office on three North Korean citizens for their alleged assistance of the Lazarus Group, a renowned North Korean hacking group infamous for carrying out cryptocurrency crimes.

Binance is acquiring Sakura Exchange BitCoin and launching Binance JAPAN to expand its Japanese presence. These moves highlight Binance’s commitment to grow and succeed in the Japanese market.

Additionally, the exchange’s dedication to compliance and proactive approach to preventing illegal activities, such as denying access to its platform to North Koreans, demonstrate its commitment to upholding a secure and regulated trading environment for cryptocurrency users.

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The author’s views are for reference only and shall not constitute any investment advice. Please ensure you fully understand and assess the products and associated risks before purchasing

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