• SEBC announced plans to launch a new service, Binance Japan, in late June 2023.
• Binance Japan will replace SEBC’s current exchange services and require users to perform new KYC.
• Japanese regulators have imposed very strict regulations against crypto exchanges to protect investors.

SEBC Announces Plans for Binance Japan

SEBC Bitcoin Company (SEBC) has announced plans to launch a new service, called Binance Japan, after June 23. The Provisional Binance Japan service will replace SEBC’s current exchange services and require users to perform new KYC identity data. It is unclear whether Japanese residents will still have access to Binance Global after the launch of Binance Japan.

Regulations for Crypto Exchanges in Japan

Japanese regulators have imposed very strict regulations against crypto exchanges to protect investors. An exchange must store its assets in cold wallets while customers’ fiat should remain in a bank trust or Japanese trust company. Reports indicate that a virtual currency exchange must obtain business registration and approval from the Financial Services Agency before operating in Japan.

Binance Acquires SEBC

The recent developments began after the Binance Network acquired the SEBC last November. The acquisition allowed Binance Exchange to extend its services into Japan despite not being able to offer account opening options previously due to regulatory issues. However, reports indicate that the FSA has warned Binance Exchange of illegally operating in Japan on several occasions prior to this acquisition despite not having any business registration or approval from FSA before operating there.

Questions About Monopoly

Following the recent events connected to Binance, there have been questions about whether the exchange aims at becoming a monopoly with FUD fueled alleging that “Binace becoming Amazon of Crypto” and “Bina monopolizing crypto” as headlines gaining traction among crypto enthusiasts since December 2022 .

Conclusion

Overall, it appears as though SEBC is finally launching their much-anticipated cryptocurrency exchange platform, Biance Japan, which is expected by late June 2023 with stringent regulations put forward by Japanese regulators meant for investor safety and protection against possible financial frauds and scams .