Binance, the world's largest cryptocurrency exchange by trading volume, has expanded its global presence to Japan after acquiring Sakura Exchange BitCoin, a Japanese-registered crypto trading platform, according to a blog post dated Wednesday. The deal, of which the financial terms were not disclosed, highlights Binance's dominance in the crypto ecosystem that's currently experiencing a downturn after the implosion of FTX. Earlier, rival exchange Kraken cut 30% of its global workforce. The Changpeng Zhao-led company, which seeks to expand its business while complying with local regulations, is now classified as a Japan Financial Services Agency regulated agency. As the recent FTX collapse continues to send ripples through the broader crypto space, Binance said it's aiming to commit $1B for a crypto recovery initiative .
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