Binance Failed To Agree With Japan’s TaoTao Exchange To Enter Local Market
Japanese cryptocurrency exchange TaoTao today announced the end of negotiations with Binance.
TaoTao Inc. discussed the possibility of strategic cooperation with Binance Holdings Limited in the Japanese market. We decided to stop these negotiations, “the message says..
Information that Binance is in talks to enter into cooperation with two Japanese companies appeared in January.
“Z Corp, a division of Yahoo Japan, and TaoTao will continue discussions with Binance and begin preparations to launch trading services for users in Japan,” the post said. “Having licensed Binance’s cutting-edge technology, Z Corp and TaoTao will partner with the Financial Services Agency to ensure full regulatory compliance in the Japanese market.”.
Binance CEO Changpeng Zhao said at the time: “We look forward to forming a joint initiative with Z Corporation and TaoTao to bring our services to Japan.”.
TaoTao is a licensed digital asset trading platform and is regulated by the Japan Financial Services Agency. The majority share in the exchange belongs to Yahoo Japan.
Z Corporation is part of Z Holdings, Yahoo Japan’s own division. The status of Binance’s negotiations with this company remains unclear..
Earlier this year, Binance was forced to restrict access to Japanese users at the request of the Financial Services Agency. In March 2018, the regulator issued a warning to Binance due to the fact that it served local residents without registration..
In September it became known that the Financial Services Agency allowed the Kraken exchange to return to the local market.
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