Binance, a global company that operates the largest cryptocurrency exchange, has recently acquired Sakura Exchange Bitcoin (SEBC), a Japanese regulated exchange platform, and through this acquisition, the Changpeng Zhao-founded company is planning to reenter the crypto market in Japan.

Binance purchased the Japanese financial services agency-licensed business in November 2022, and CoinTelegraph reported that SEBC is set to abort its current crypto exchange and brokerage services on May 31, then it will be relaunched as Binance Japan.

Although there is no mention of an official date for Binance’s return to the country, it could be sometime after June 2023. Now, users of SEBC were already advised to withdraw their funds from the exchange platform before May 28.

The company said that after this date, the remaining funds in the accounts will automatically be converted to Japan’s local currency (yen). By June 5, users will find Yen instead of cryptocurrencies in their bank accounts.

In 2018, Binance had to abandon its operations in Japan after the country’s financial regulators issued a warning, telling the company it was operating without regulatory clearance that is properly approved by the authorities.

Thus, Binance is returning after almost five years since it failed to secure an independent license in its initial bid to enter the Japanese crypto space. At any rate, the purchase of SEBC also provided Binance with its very first crypto operation license in East Asia.

“The Japanese market will play a key role in the future of cryptocurrency adoption. As one of the world’s leading economies with a highly-developed tech ecosystem, it’s already poised for strong blockchain uptake,” Binance Japan’s general manager, Takeshi Chino, said in a press release when they bought SEBC. “We will actively work with regulators to develop our combined exchange in a compliant way for local users. We are eager to help Japan take a leading role in crypto.”

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