Leading cryptocurrency exchange Binance announced that it has acquired this cryptocurrency service company. Altcoin projects and trading pairs in the stock market are also among the information transferred. cryptocoin.comas, we transfer the altcoins in the portfolio of the stock market to you.
Binance bought this cryptocurrency company
Leading cryptocurrency exchange Binance released a new announcement on November 30, 2022. In the statement, it was stated that Japanese citizens will no longer be able to register with Binance. However, it is stated that registered citizens can continue their transactions. Apart from that, Binance announced that it has purchased Sakura Exchange BitCoin (SEBC), which is a registered and legal cryptocurrency service in Japan.
#Binance Acquires JFSA Registered Sakura Exchange BitCoin, Committed to Enter Japan Under Regulatory Compliancehttps://t.co/xfdnaY2hiO
— CZ 🔶 Binance (@cz_binance) November 30, 2022
It is stated that the new exchange currently supports 11 trading pairs. Cryptocurrencies on the Tokyo-based crypto exchange are as follows:
- Bitcoin (BTC)
- Ethereum (ETH)
- Bitcoin Cash (BCH)
- Litecoin (LTC)
- Ethereum Classic (ETC)
- NEM (XEM)
- MonaCoin (MONA)
- Cardano (ADA)
- Symbol (XYM)
- CoTrader (COT)
- JPY
It has also been reported that for now, these cryptocurrencies are only traded in the Japanese Yen (JPY) parity.
Takeshi Chino made a statement
It is a matter of curiosity which cryptocurrencies will be listed by Binance, which has obtained a license from Japan, in the coming weeks. In addition, Japan is known for its strict regulations in the cryptocurrency sector. On the other hand, last month, Japan’s agency responsible for regulating crypto exchanges made a statement. In the statement made by the Japanese Virtual Crypto Exchange Association (JVCEA), it was announced that crypto currency regulations will be relaxed in the coming period.
As stated, the entire exchange was bought by Binance. However, it is not yet known how much the purchase was made for. Speaking after the development, Binance Japan general manager Takeshi Chino said:
We will actively work with regulators to develop our combined exchange in a harmonious way for local users. We look forward to contributing to Japan’s leading role in cryptocurrency.
Binance exited the Asian country in 2018 after the Japan Financial Services Agency (JFSA) ordered it to cease its unlicensed activities. The financial watchdog issued another warning that the exchange failed to register with regulators in 2021. It is also stated that Binance has expanded its influence and market dominance, which has increased significantly following the FTX bankruptcy.
Crypto exchange, France, Italy, Spain, Bahrain, Abu Dhabi etc. countries received regulatory approvals. However, it is reported that some of the approvals drew the reaction of some of the deputies.
Binance accounts for 75 percent of all exchange trading volume
Cryptocurrency analyst Miles Deutscher shared the volume of Binance based on The Block data. Deutscher emphasized that as of November 29, it controls 75 percent of all crypto exchange volume. According to the data, its closest competitor is Coinbase. It states that Coinbase’s crypto trading volume is just 11.6 percent.
Nomics data confirms Binance’s dominance in 24-hour trading volume metrics. According to The Block, Binance’s trading volume is $38.53 billion in the last 24 hours. This accounts for 18.69 percent of all transactions.
Binance now has 75% of all exchange volume. 🤯 pic.twitter.com/ZTwbnb0RMP
— Miles Deutscher (@milesdeutscher) November 30, 2022
