The crypto exchange Binance has begun the process of establishing a new and fully regulated Japanese subsidiary after five years out of the country.
As part of the deal, SEBC will cease its current services by May 31 and reopen as Binance Japan in the coming weeks. Users of the exchange's global platform in the country will have to register with the new entity. The migration will be available after August 1, 2023, and will include a new identity verification process to comply with local requirements.
Any remaining funds on the SEBC exchange will be automatically converted to Japanese yen and transferred to users' bank accounts beginning in June, Binance previously disclosed. With a narrowing regulatory landscape, the exchange's strategy for expanding its global reach has been to acquire local regulated entities. Binance made a similar move in Singapore in 2021, in Malaysia in 2022, and in
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