Binance re-enters Japan, controls over 75% of exchanges’ monthly trading volume
According to Nov. 30, Binance has re-entered the Japanese market with the acquisition of Sakura Exchange Bitcoin (SEBC). publication.
#binance Acquires FSA-registered Sakura Exchange Bitcoin, commits to enter Japan under regulatory compliancehttps://t.co/xfdnaY2hiO
— CZ🔶 Binance (@cz_binance) November 30, 2022
The Changpeng Zhao-led exchange has announced that it has acquired a 100% stake in a Japanese-regulated exchange for an undisclosed amount, earning it its first license in East Asia.
Commenting on the development, Takeshi Chino, General Manager of Binance Japan, said:
“We will actively work with regulators to develop exchanges that are integrated in a compliant manner for local users. We aspire to see Japan play a leading role in cryptocurrencies.” doing.”
Binance withdrew from the Asian country in 2018 after Japan’s Financial Services Agency (JFSA) ordered it to cease operations without a license. Financial watchdogs have issued another warning in 2021 that the exchange has failed to register with regulators.
The move will allow Binance to expand its influence and market power. This has increased significantly since the recent demise of FTX.
Crypto exchanges have secured regulatory approvals in France, Italy, Spain, Bahrain, Abu Dhabi and more, but some approvals have drawn the ire of some lawmakers.
Binance accounts for 75% of total trading volume
crypto analyst Citing data from The Block, Miles Deutscher highlighted that as of November 29, Binance controls 75% of all cryptocurrency trading volume. According to data, its closest rival, Coinbase, controls only 11.6% of cryptocurrency trading volume.
Binance currently accounts for 75% of total trading volume. 🤯 pic.twitter.com/ZTwbnb0RMP
— Miles Deutscher (@milesdeutscher) November 30, 2022
Nomics data Make sure Binance dominates the 24-hour trading volume indicator. According to the data aggregator, Binance’s trading volume in the last 24 hours was $38.53 billion, making up 18.69% of his total trades.
Its closest rival was OKX, which handled 4.46% ($9.2 billion) of the trading volume of all crypto exchanges.
Other top competitors such as Coinbase, ByBit, KuCoin, Huobi Global, Gate.io and Kraken cumulatively processed less than 10% of the exchange’s trading volume in the last 24 hours.
