Crypto giant Binance appears unbothered by market turmoil after buying Japan's Sakura

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 .