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Binance enters Japanese crypto market with acquisition

Sakura Exchange deal marks official re-entry into Japan after FSA warning

Crypto exchange Binance holds officially licensed operations in 12 countries.   © Reuters

TOKYO -- Cryptocurrency giant Binance has acquired Japan's Sakura Exchange BitCoin, the exchange operator announced on Wednesday, marking its official re-entry into the East Asian market.

Binance did not disclose the price it paid for Sakura -- a Tokyo-based outfit registered with Japan's Financial Services Agency (FSA) -- but it is believed to be in the billions of yen (1 billion yen equals $7.2 million).

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