Binance is Talking With TaoTao Inc. and Z Corporation
The leading crypto exchange based in Malta, Binance Holdings Limited, announced that it is discussing with Z Corporation to become partners. The corporation is a wholly-owned subsidiary of Z Holdings Corporation and TaoTao Inc., a crypto exchange licensed in Japan.
According to the official release, the corporation will keep discussing and deliberating with Binance and start preparing the launching of trading services for customers in Japan. The licensing of the innovative technologies of Binance will bring about collaboration between the corporation, TaoTao and the Financial Service Agency towards complete regulatory compliance in Japan’s market.
The announcement emerged following the decision by Binance.com to ‘phase out’ services to the people residing in Japan. Based on this, the platform announced its plans to progressively limit transactions for the region. So far, there has been no implementation of any form of transaction restriction by Binance.com.
A partnership between the corporation and Binance is going to be a critical step for Binance in entering the Japanese market, the same way it launched its service earlier in the United States. In Sept. 2019, Binance announced the launch of Binance.US, and it involved a partnership with BAM Trading Services registered in California, towards the provision of services to the United States market in complete regulatory compliance.
After the development, the CEO of Binance commented on Twitter:
Many non-Japanese may not understand the significance of this. TaoTao & Z-Corp are subsidiaries of Yahoo Japan. YJ has been independent from Yahoo US for a long long time and is doing well. It is 48% owned by Softbank.
Couldn't ask for a better partner than TaoTao in Japan. https://t.co/dhTaJkD7WC
— CZ Binance (@cz_binance) January 17, 2020
Featured image courtesy of Shutterstock. Source: Cryptopress.