Financial and Business News

Binance Negotiating with 2 Japanese Firms for Strategic Partnership

Friday, 17/01/2020 | 08:22 GMT by Arnab Shome
  • The exchange recently decided to restrict access to Binance.com in Japan.
Binance Negotiating with 2 Japanese Firms for Strategic Partnership
FM

Global crypto Exchange Binance announced on Friday that it is in talks with two Japanese companies - Z Holdings-subsidiary Z Corporation and TaoTao, a licensed digital asset Trading Platform in the country - for strategic partnerships in the country. Z Holdings was previously known as Yahoo Japan.

Though the details of the proposed partnerships are not known yet, the press release hinted that the Malta-registered exchange is looking to start trading services in the country by collaborating with the local companies.

“Z Corp, a subsidiary of Yahoo Japan, and TaoTao will continue discussions and deliberations with Binance and begin preparation to launch trading services for users in Japan,” the announcement stated. “Through licensing Binance’s cutting-edge technologies, Z Corp and TaoTao will collaborate with the Financial Service Agency to ensure full regulatory compliance in the Japanese market.”

No access to Binance.com

Binance yesterday announced the restriction of access to its primary platform - Binance.com - to Japanese traders. However, the exchange did not cite any strong reason behind the move. Notably, a similar step was taken by the platform in the United States before launching a dedicated fiat-based exchange for the traders in the country.

Binance is also focusing on its expansion into lucrative Asian markets as it has recently entered the South Korean market with an investment in the local crypto startup BXB.

Meanwhile, the Financial Services Agency (FSA) in Japan is trying to tighten its grip around the crypto industry. After mandating licensing for crypto exchange operating in the country, the regulator recently put a cap of 2x on the leverages offered by the crypto platforms on margin trading. This, according to the agency, will mitigate the risk of losses in the highly volatile market.

Global crypto Exchange Binance announced on Friday that it is in talks with two Japanese companies - Z Holdings-subsidiary Z Corporation and TaoTao, a licensed digital asset Trading Platform in the country - for strategic partnerships in the country. Z Holdings was previously known as Yahoo Japan.

Though the details of the proposed partnerships are not known yet, the press release hinted that the Malta-registered exchange is looking to start trading services in the country by collaborating with the local companies.

“Z Corp, a subsidiary of Yahoo Japan, and TaoTao will continue discussions and deliberations with Binance and begin preparation to launch trading services for users in Japan,” the announcement stated. “Through licensing Binance’s cutting-edge technologies, Z Corp and TaoTao will collaborate with the Financial Service Agency to ensure full regulatory compliance in the Japanese market.”

No access to Binance.com

Binance yesterday announced the restriction of access to its primary platform - Binance.com - to Japanese traders. However, the exchange did not cite any strong reason behind the move. Notably, a similar step was taken by the platform in the United States before launching a dedicated fiat-based exchange for the traders in the country.

Binance is also focusing on its expansion into lucrative Asian markets as it has recently entered the South Korean market with an investment in the local crypto startup BXB.

Meanwhile, the Financial Services Agency (FSA) in Japan is trying to tighten its grip around the crypto industry. After mandating licensing for crypto exchange operating in the country, the regulator recently put a cap of 2x on the leverages offered by the crypto platforms on margin trading. This, according to the agency, will mitigate the risk of losses in the highly volatile market.

Topics
Japan
crypto
binance
About the Author: Arnab Shome
Arnab Shome
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Arnab Shome is an electronics engineer-turned-financial editor. He holds a Bachelor of Technology from the National Institute of Technology, Agartala. He entered the retail trading industry about a decade ago, covering the cryptocurrency market for Finance Magnates, and later expanded his coverage to include forex and CFDs as well. His work at Finance Magnates includes C-level interviews, data-driven analysis, opinion pieces, and scoops of industry exclusives. He also contributes to Finance Magnates’ quarterly industry report. Area of coverage: 1. CFD broker-related news 2. Industry-related Regulatory updates and developments 3. New retail trading trends 4. Prop trading industry updates 5. Executive interviews Education: Bachelor of Technology - National Institute of Technology, Agartala (India)

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