Binance’s announcement of its acquisition of cryptocurrency platform Sakura Exchange BitCoin triggered a rally for the three altcoins. Here are the reasons…
Binance acquires regulatory-approved Japanese crypto exchange
The leading exchange announced on November 30 that it has acquired Sakura Exchange BitCoin (SEBC) from its official website. Thus, Binance is also stepping into the Japanese market. Japan’s financial regulators were among those who issued warnings stating that Binance was not licensed to operate in the country. Binance is now opening a backdoor for itself with this purchase. With the buyout move, it will be able to offer Japanese investors cryptocurrencies from its board.
Binance, which has previously won similar licenses in France, Italy, Spain, Bahrain, Abu Dhabi, Dubai and Kazakhstan, has recently been authorized as a crypto exchange in Cyprus. The FSA was one of several regulators last year that issued warnings that Binance did not have a license to operate in its market.
https://twitter.com/cz_binance/status/1597867055860285442
These three altcoins rally after the news
After Binane’s announcement in the past hours, Symbol (XYM), Cosplay (COT) and MonaCoin (MONA) are on the rise. Although these altcoin projects are on Sakura’s list, they are not listed on Binance. The possibility of Binance listing these three cryptocurrencies after the purchase was one of the reasons behind their rally. In particular, Symbol (XYM) overestimates the news by rallying over 20% in the last 24 hours.
The prices of cosplay (COT) and MonaCoin (MONA) also appreciated at similar rates. MONA price pulled closer to 30%, with a fresh wave of buyers hours later. It is currently trading at $0.4393. With the rally of the day, it advanced to the 455th place according to the market value.
Meanwhile, Sakura is a JFSA-registered crypto exchange that provides advisory services to its clients. The Tokyo-based exchange currently supports 11 trading pairs: BTC/JPY, ETH/JPY, BCH/JPY, XRP/JPY, LTC/JPY, ETC/JPY, XEM/JPY, MONA/JPY, ADA/JPY, XYM/JPY and COT/JPY. Among them, Symbol (XYM), Cosplay (COT), and MonaCoin (MONA), which are not on the Binance list, were the projects that rally due to expectations.
Binance makes its second move to the Japanese market
The leading exchange forced its operations in 2018 after the FSA reported that it was operating without a license. The Japanese government had warned the crypto exchange again in 2021 on similar grounds. It is nothing new for Binance to buy a regulated entity because it is difficult to license. It previously managed to re-enter the Malaysian market after purchasing a stake in a regulated entity. As Kriptokoin.com, we have discussed the details in this article.
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