Binance Engages in Talks with TaoTao Inc. and Z Corporation
Binance Holdings Limited considered the world’s most lucrative cryptocurrency exchange based in Malta, recently made announcements about the intended partnership deal with Z Corporation. The Z Corporation is a full- owned ancillary of Z Holdings Corporation and TaoTao Inc., the Japanese digital currency exchanges.
Based on the reports released by the Binance, it kicked off the discussion to initiate the partnership between both entities. With respect to this, Binance anticipates the trading service launch for respective Japanese customers. Licensing of these creative and innovative technologies in Binance will assist in the effective collaboration of TaoTao Inc. and the Financial Service Agency, in accordance with regulatory compliance in the Japanese market.
Binance initiated the partnership discussion through debates on how to ‘phase out’ their services to individuals in the region of Japan. Eventually, the firm presented its plans by limiting transactions in the region progressively. However, the move proved ineffective as there was no implementation approach to the matter based on restricted transactions by Binance.
The partnership deal discussed will be in effect and help the exchange platform take a huge step towards its entrance into the Japanese market, similar to the process taken in launching its services in the United States region. The US launch took place in 2019, whereby Binance launched Binance.US, which indulged in the partnership between BAM Trading Services. The exchange commenced providing its service to the United States market in complete compliance with the collaboration regulations.
After the partnership discussion, Changpeng Zhao, the Binance CEO, took to Twitter, pointing out the significance of the intended partnership. According to the tweet, he elaborated the partnership reason mentioning that Tao Tao and Z-Corp are both major subsidiaries of Yahoo Japan. He applauded Yahoo Japan for operating independently over the years. To Changpeng, working with Tao Tao is the best teamwork decision for Binance in Japan.
Furthermore, Binance posted a tweet on January 17 this year explaining the intended collaboration between the two Yahoo Japan subsidiaries.