Binance Alliance With Japanese Crypto Platform Abandoned

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. 

  • 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 Japan’s 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 Binance’s trading technology and operational know-how to expand its domestic business. 
  • It is unclear why the attempted partnership fell through.
  • In 2018, Japan’s 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. 
  • 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.

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