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The Monetary Authority of Singapore (MAS) has unveiled a comprehensive report introducing a framework for the design of open and interoperable networks for digital assets. (Read More)
The Japanese Financial Services Agency (JFSA) will allow the domestic distribution of stablecoins minted overseas beginning in 2023, as reported by local media on December 26th. Japan was one of the first advanced countries to establish stablecoin legal regulations and investor protections. Japan passed a law in June requiring tokens to be backed by the yen or another fiat […]
<p> Binance, one of the biggest cryptocurrency exchanges in the world, announced on Wednesday it acquired a full stake in Sakura Exchange BitCoin (SEBC), a crypto platform from Tokyo regulated by the Japan Financial Services Agency (JFSA). </p><p class="MsoNormal">According to the press release, the terms of the <a href="https://www.financemagnates.com/terms/a/acquisition/" target="_blank" id="3180494d-8751-4a02-9476-86dc1cd4d2e2_1" class="terms__main-term">acquisition</a> were not disclosed.</p><p class="MsoNormal">By acquiring a fully regulated entity in the Japanese market, Binance is expanding its global regulatory environment. Due to the decentralized nature of its business and digital presence in many countries, Binance has come under the scope of regulatory agencies and is looking for ways to avoid excessive regulatory pressure. </p><p class="MsoNormal">"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," Takeshi Chino, the General Manager of <a href="https://www.financemagnates.com/tag/binance/">Binance</a> Japan, commented.</p><p class="MsoNormal">To date, Binance has secured 11 licenses in various jurisdictions, including France, Spain, Dubai, Poland and Cyprus. The acquisition of SEBC adds the twelfth country to this list and is the first cryptocurrency exchange license in this part of Asia.</p><p>Fourth Binance Investment in November</p><p class="MsoNormal">For Binance, buying SEBC is the fourth investment executed this month. On 15 November 2022, Binance Labs, the crypto exchange's accelerator and venture capital arm, <a href="https://www.financemagnates.com/cryptocurrency/binance-labs-supports-web3-gaming-invests-in-ultimate-champions/">announced</a> a $4 million investment in the Web3 sports game platform dubbed Ultimate Champions.</p><p class="MsoNormal">Then, on 21 November 2022, Binance Labs <a href="https://www.financemagnates.com/cryptocurrency/news/binance-labs-invest-in-ngrave-crypto-wallet-producer/">announced</a> its investment in NGRAVE, a hardware cryptocurrency wallet maker. The value of the investment has not been disclosed.</p><p class="MsoNormal">The latest investment news came from the US branch of Binance. Changpeng 'CZ' Zhao, the exchange's CEO, <a href="https://www.financemagnates.com/cryptocurrency/binanceus-wants-to-acquire-bankrupt-crypto-lending-platform-voyager/">confirmed</a> plans to acquire the bankrupt crypto lender, Voyager Digital. </p><p class="MsoNormal">Earlier, the <a href="https://www.financemagnates.com/terms/e/exchange/" target="_blank" id="b5da6e64-2afe-421d-9b81-16404b7d59d6_6" class="terms__secondary-term">exchange</a> wanted to acquire the fallen FTX platform. However, it eventually <a href="https://www.financemagnates.com/cryptocurrency/binance-pulls-out-of-ftx-acquisition-crypto-chaos-ensues/">withdrew</a> from those plans due to 'mishandled customer funds' and 'alleged US agency investigations'.</p> This article was written by Damian Chmiel at www.financemagnates.com.
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