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.
Z Corporation, a subsidiary of Yahoo Japan, and TaoTao begin negotiations with #Binance for strategic partnerships in the Japanese markethttps://t.co/MdMS4Etele pic.twitter.com/buBKkDTZ7N
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— Binance (@binance) January 17, 2020
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.