Binance’s Japanese expansion stalls as talks with local partner fail

Binance, the Bitcoin exchange, and TaoTao, a Japan-based crypto-trading platform, did not reach an agreement to form a joint venture to serve local traders. CoinDesk reports this.

In January this year, Binance entered talks with Z Corporation, a Japanese subsidiary of Z Holdings, which owns Yahoo Japan. The parties discussed integrating trading-venue technology and operational know-how into TaoTao, the latter’s crypto-trading platform.

The reason for the termination of the talks has not been disclosed.

In 2018, the Financial Services Agency (FSA) of Japan warned Binance against operating in the country without a license. This year the Bitcoin exchange Binance stated that it would gradually wind down operations with residents of Japan.

In September, the cryptocurrency exchange Fisco accused Binance of inaction in laundering assets stolen in 2018 from the Japanese exchange Zaif.

In May, Binance announced investments in Tokocrypto, a leading regulated cryptocurrency platform in Indonesia. In November last year Binance also acquired the Indian cryptocurrency exchange WazirX.

Follow ForkLog news on VK!