Global virtual asset exchange Binance and Japanese crypto trading platform TaoTao did not reach an agreement on a strategic alliance to launch a joint venture in Japan.ÃÂ
- TaoTao announced Monday that negotiations between the two parties to create a crypto trading platform dedicated to Japanese users have ended without agreement and the alliance was abandoned, CoinDesk Japan reported.
- Binance entered into discussions with JapanÃ¢ÂÂs Z Corporation (a subsidiary of Z Holdings, which owns Yahoo Japan) and its affiliate local crypto trading platform TaoTao in January 2020 with the goal of incorporating BinanceÃ¢ÂÂs trading technology and operational know-how to expand its domestic business.ÃÂ
- It is unclear why the attempted partnership fell through.
- In 2018, JapanÃ¢ÂÂs financial watchdog FSA warned Binance against operating without a license, and earlier this year, the firm announced it will phase out services to customers residing in Japan.ÃÂ
- Last month, Japanese crypto exchange Fisco (previously Zaif) which suffered a $60 million hack in 2018, filed suit against Binance alleging it knowingly allowed stolen funds to be laundered through its exchange.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.