TechFlow news: Binance has initiated plans for its Japanese subsidiary's transition to a new platform. Binance will begin establishing a new, fully regulated subsidiary in Japan. Previously, in November 2022, Binance acquired the regulated cryptocurrency exchange Sakura Exchange Bitcoin (SEBC). As part of the transaction, SEBC will cease its current services by May 31 and relaunch under the name Binance Japan within the coming weeks. Japanese users must register with the new entity. The migration will be available starting August 1, 2023, and will include a new Know-Your-Customer (KYC) verification process to comply with local regulations.
Binance previously disclosed that all remaining funds on the SEBC exchange will be automatically converted into Japanese yen and transferred to users' bank accounts starting in June.
