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Binance Alliance With Japanese Crypto Platform Abandoned
A potential partnership between Binance and TaoTao fell through, 10 months after first being revealed.
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.
STORY CONTINUES BELOW
- 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; 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.
Sandali Handagama
Sandali Handagama is CoinDesk's deputy managing editor for policy and regulations, EMEA. She is an alumna of Columbia University's graduate school of journalism and has contributed to a variety of publications including The Guardian, Bloomberg, The Nation and Popular Science. Sandali doesn't own any crypto and she tweets as @iamsandali
