Binance re-enters the Japanese market; Mastercard will work with Solana, Avalanche, Aptos and Polygon networks; PayPal brings crypto transfer feature for Venmo users.
Cryptocurrency exchange Binance is preparing to re-enter Japan by acquiring regulated cryptocurrency exchange Sakura Exchange Bitcoin (SEBC). Binance acquired SEBC, the licensed business of the Japan Financial Services Agency, to re-enter the Japanese Cryptocurrency Market in November 2022.
According to a local report, SEBC will terminate its existing cryptocurrency exchange and brokerage services by May 31 and is scheduled to reopen as Binance Japan from June 2023.
Binance’s re-entry into Japan through an acquired entity comes nearly five years after its primary bid for a standalone license failed. Binance was forced to cease operations in Japan in 2018 after financial regulators warned that it was operating without regulatory clearance from the authorities.
Leading cryptocurrency exchange Binance has faced compliance issues in more than a dozen countries. However, Binance has managed to mend its relations with regulators. In many countries where Binance has struggled to obtain a standalone license, it has succeeded in re-entering these markets by purchasing shares in regulated entities.
Japan was one of the first countries to introduce cryptocurrency regulations. At that time, the requirements of the regulations were strictly evaluated. Recently, the country has been working to ease regulatory demands for cryptocurrency platforms. Japan is working on making it easier to list new crypto tokens.
Mastercard will work with Solana, Avalanche, Aptos and Polygon networks
Payments giant Mastercard has decided to work with blockchain developers.
The company has introduced a new standard called Crypto Credential to ensure the trust of businesses and governments. Based on these standards, it was decided to work with Aptos Labs, Ava Labs, Polygon and The Solana Foundation.
Mastercard also announced on Twitter that it has partnered with four different crypto wallet providers.
Avalanche also shared the following statements on the subject:
“Mastercard has long been a leader in creating accessible and reliable financial services! They are collaborating with Avalanche on their new venture, “Mastercard Crypto Credential”, to develop verification capabilities that will bring blockchain use to mass markets.”
Mastercard, which applied for a patent for the use of cryptocurrencies in payments in 2013, has been interested in crypto money developments ever since.
The company later partnered with cryptocurrency platforms Coinbase and Bitpay to launch credit cards that allow cryptocurrency payments.
The company has also signed a partnership with Binance to launch a cryptocurrency card in Brazil.
PayPal brings crypto transfer feature for Venmo users
According to The Block’s report, PayPal will activate the crypto transfer feature for Venmo customers.
Last year, the payments giant allowed its customers to transfer cryptocurrencies. The same feature is planned to be brought to Venmo’s more than 60 million users.
PayPal stated that customers can make transfers to external wallets and cryptocurrency exchanges in their PayPal account.
In June of last year, the company allowed PayPal users to send cryptocurrencies supported by the platform, such as BTC, Ether, Bitcoin Cash and LTC, to external wallets. This service will also be available for Venmo users starting next month.
PayPal, which acquired Venmo in 2013, stated in its earnings report that Venmo has processed $245.3 billion in fiat money transactions in 2022.