The news was revealed via a video feed by the company’s founder Changpeng Zhao at a conference in Tokyo. Binance acquired Sakura Exchange BitCoin in November 2022 and revealed its plans to create a platform that would be fully compliant with local rules.
During the same event, another Binance representative shared that the company could launch stablecoins in Japan. This particular reveal comes in the context of newly introduced regulation in Japan, which allows the country’s licenced banks, registered money transfer agents and trust companies to issue the tokens.
According to Bloomberg, Binance has made some efforts to expand into Asia recently, including in South Korea and Thailand. The company also launched a regulated digital asset platform in Kazakhstan as part of its global expansion efforts.
In 2022, Binance obtained a permanent license from Kazakhstan’s AIFC Financial Services Authority (AFSA), and the digital asset platform launch comes in this context. With the licence, Binance gained approval to operate a digital asset platform and provide custodial services within the jurisdiction of the Astana International Financial Center (AIFC).
In June 2023, authorities in France started an investigation focused on the anti-money laundering procedures of cryptocurrency exchange Binance. The company confirmed an on-site visit from relevant authorities in France but also pointed out that it plans to fully cooperate with law enforcement agencies and regulators on all ongoing compliance requirements with the aim of upholding a high standard.
Apart from its problems in France, Binance also left the Netherlands after it failed to obtain a licence from the Dutch Central Bank.
Perhaps one of the most important issues faced by Binance recently is the ongoing legal battle with the SEC. In June 2023, Binance tried to reach an agreement with the Commission to avoid a complete asset freeze.
The deal aimed to protect billions of dollars in customer funds without shutting the exchange down while the SEC’s lawsuit proceeds. The news was revealed during a hearing in Washington presided by US District Judge Amy Berman Jackson, who emphasised that if a deal is struck, she would no longer need to rule on the SEC’s request for a temporary restraining order.
Forbes later revealed that Binance managed to avoid the asset freeze but agreed to burdensome terms to keep operating.
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